- POPCAT surged after Binance Futures revealed its new USD-Margined perpetual contract.
- Binance Futures will launch POPCAT and SUN perpetual contracts with 75x leverage.
- Increased buying pressure followed Binance’s announcement of a new perpetual contract for POPCAT.
The price of POPCAT has experienced a significant surge following Binance Futures’ announcement to launch a new USD-Margined perpetual contract for the token. On August 22, 2024, the POPCAT USDT perpetual contract went live, allowing traders to leverage their positions by up to 75 times. This move has already stirred notable market activity, with POPCAT’s price soaring over 22% in the past 24 hours.
POPCAT’s Impressive Market Performance
In the wake of the announcement, POPCAT saw its price reach $0.7434, accompanied by a substantial 24-hour trading volume of $156,591,547. The token has posted a 23.50% price increase in the past day, reflecting strong buying pressure across exchanges. Over the past seven days, POPCAT’s price has surged by 80%, demonstrating its outperformance compared to the broader cryptocurrency market, which is up by 8.60%. Furthermore, POPCAT is outperforming meme-based cryptocurrencies, which have seen a collective 20.00% rise.
This surge underscores the growing interest in the token, with traders increasingly capitalizing on the new trading opportunities presented by the upcoming perpetual contract. Binance Futures’ introduction of this product has contributed to this momentum, with market participants reacting positively to the increased flexibility and trading options.
SUN Perpetual Contract
Alongside POPCAT, Binance Futures also launched a new perpetual contract for SUN USDT. The SUN token contract offers similar trading leverage of up to 75 times the initial amount, providing an additional avenue for traders to diversify their positions.
The SUN USDT contract will feature a tick size precision of 0.000001, similar to the POPCAT contract’s tick size of 0.0001. Additionally, both contracts will implement a capped funding rate of +2.00% / -2.00%, ensuring balance in periodic payments between long and short positions. Binance has also emphasized the importance of risk management, with potential adjustments to contract specifications based on market risk conditions.
