The Solana-based meme coin Popcat exploded by more than 30%, leading the top-performing coins after a major listing announcement from Binance.
Cat-themed meme coin Popcat (POPCAT), surged to highs of $0.58 on Aug. 22. The gains for this Solana (SOL) meme coin came as the crypto market reacted to Binance Futures’ listing of a perpetual contract for POPCAT. The perps allow traders up to 75x leverage, according to the exchange’s announcement.
Binance stated that the listing of the USD-Margined Popcat perpetual contract expands trading options on Binance Futures. The move also enhances the overall trading experience for crypto investors, with POPCATUSDT perps going live on the platform at 13:00 UTC on August 22, 2024.
Whale withdraws SOL to buy POPCAT
The listing appears to have provided additional buoyancy for the Solana meme coin, which surged from lows of $0.43. Notably, the gains followed a whale’s withdrawal of more than 39,800 SOL from Binance, which was then used to buy POPCAT.
According to Lookonchain, the “crazy buying of $POPCAT” involved 39,816 SOL tokens worth over $5.73 million. The whale withdrew the funds and used them to purchase 10 million POPCAT.
SUN token also surges on Binance listing
In addition to Popcat, the top-performing token among the largest 500 cryptocurrencies by market cap at the time of writing was Sun (SUN). The TRON (TRX) platform token soared amid major moves for TRX, driven by new meme coin hype on the launch platform SunPump.
The SunPump network surpassed Solana-based Pump.fun in daily revenue on Aug. 21. TRON revenue also hit an all-time high as founder Justin Sun aggressively touted SunPump’s potential.
Notably, SUN token’s 35% surge in 24 hours also followed Binance Futures’ listing of the SUNUSDT perpetual contract with up to 75x leverage. Other tokens that witnessed significant price gains following Binance Futures listings include Brett, Voxel and Synapse.