Popcat, a popular meme coin on the Solana blockchain, saw a sharp increase in value, rising over 35% on August 23. The price jumped from $0.43 to $0.60 after Binance Futures listed a new perpetual contract for POPCAT. This contract allows traders to use leverage of up to 75x, which has spurred significant activity in the token.
The USD-margined Popcat perpetual contract launched on Binance Futures at 13:00 UTC on August 22, 2024. This listing immediately expanded trading possibilities for POPCAT, making it a more attractive option for traders seeking higher risk-reward opportunities.
Whale Activity Pushes Popcat Price to New Heights
The surge in Popcat’s price was partly driven by a major whale transaction. According to blockchain analytics platform Lookonchain, a whale withdrew 39,800 SOL (worth approximately $5.7 million) from Binance and used the funds to purchase 10 million POPCAT tokens. This substantial investment contributed to Popcat’s price increase from $0.43 to a peak of $0.60 within 24 hours.
Popcat’s rise isn’t an isolated case. The SUN token, built on the TRON blockchain, also experienced a substantial 60% increase in value. This boost came after Binance Futures listed the SUNUSDT perpetual contract, which, like Popcat’s contract, offers up to 75x leverage.
Broader Impact on the Market
Binance’s new listings are having a notable impact on the wider crypto market. In addition to Popcat and SUN, tokens such as Brett, Voxel, and Synapse have also seen significant price increases in the wake of their listings on Binance Futures. These announcements highlight Binance’s influence over market trends and the potential for sharp price movements when new trading instruments are introduced.
As the popularity of meme coins and highly leveraged trading continues to grow, these developments are expected to generate ongoing interest and volatility in the cryptocurrency space.
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