The meme coin market never sleeps! Popcat, the Solana-based meme coin, experienced a massive surge, climbing over 30% after a significant announcement from Binance. But that’s not all, SUN token also saw a jump. Let’s dive into the details of what fueled these rallies.
POPCAT Goes Wild After Binance Futures Listing
Popcat (POPCAT) reached highs of $0.58 on August 22nd. This impressive growth coincided with Binance Futures listing a perpetual contract for POPCAT. This allows traders to leverage their positions up to 75x, potentially amplifying both gains and losses.
Binance highlighted that this listing of the USD-Margined Popcat perpetual contract broadens trading opportunities on Binance Futures and aims to improve the trading experience for crypto investors. The POPCATUSDT perpetual contracts went live on August 22, 2024, at 13:00 UTC.
Whale Alert: Massive SOL Withdrawal to Buy POPCAT
The Binance listing seems to have further boosted the Solana meme coin, which jumped from lows of $0.43. Interestingly, this surge was preceded by a large withdrawal of over 39,800 SOL from Binance, which was subsequently used to purchase POPCAT.
According to Lookonchain, this “crazy buying of $POPCAT” involved a whale withdrawing 39,816 SOL tokens, valued at over $5.73 million, to acquire 10 million POPCAT tokens.
SUN Token Joins the Party: Another Binance Listing Boost
Popcat wasn’t the only token experiencing gains. Sun (SUN), the TRON platform token, also performed exceptionally well, soaring in value amid developments surrounding TRX and the new meme coin platform, SunPump.
The SunPump network even surpassed Solana-based Pump.fun in daily revenue on August 21st. TRON’s revenue also reached a new all-time high, fueled by Justin Sun’s promotion of SunPump’s potential.
Similar to Popcat, SUN token’s 35% surge in 24 hours came after Binance Futures listed the SUN/USDT perpetual contract with up to 75x leverage. Other tokens that have seen price increases following Binance Futures listings include Brett, Voxel, and Synapse.
Key Takeaways
- Binance Listings Matter: Listing on major exchanges like Binance can significantly impact a token’s price.
- Meme Coin Mania: The meme coin market remains volatile and susceptible to hype and whale activity.
- Leverage Amplifies: High leverage trading (up to 75x) can lead to substantial gains but also carries significant risk.
In Conclusion
The recent surges in POPCAT and SUN token highlight the power of exchange listings and the ongoing interest in meme coins. While these opportunities can be exciting, remember to always do your own research and understand the risks involved before investing in any cryptocurrency.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.