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.

VOXEL price surged by more than 55% in the past 24 hours, reaching its highest level since mid-June.

The Voxies (VOXEL) token surged sharply on Aug. 20 after the world’s largest cryptocurrency exchange Binance revealed a major announcement for Vovies. The Voxies token is the utility token and in-game currency of the free-to-play tactical role playing game Voxie Tactics.

Voxie runs on the Polygon (MATIC) blockchain and the token provides for its rewards system.

Binance news sparks VOXEL price surge

In particular, Binance Futures announced the launch of VOXEL perpetual contract. The VOXELUSDT contract that offers up to 50x leverage went live on Aug. 20 at 10:30 UTC. Binance Futures also listed Base meme coin Brett (BRETT), news that also sparked the meme coin’s price rally on the day.

Binance stated that the USD-Margined VOXEL Perpetual Contract would have a capped funding rate of +2.00% / -2.00% and would settle in the USDT stablecoin.

Investors responded positively to the news, pushing VOXEL’s price sharply higher. After trading below $0.14 earlier in the day, VOXEL spiked following Binance’s announcement, reaching highs of $0.27. Although the altcoin has since retraced some of its gains, it is still trading around $0.22, up more than 55% at the time of writing.

VOXEL’s price is also up more than 94% over the past week, with bulls recovering much of the losses from its May lows of $0.09.

VOXEL’s significant gains on Aug. 20 coincided with another key development for the token: the cryptocurrency exchange MEXC added trading support for VOXEL/USDT on Aug. 19.

Banana Gun, the platform behind the BANANA token, has conducted a large token burn that removed 200,000 tokens from the market. This burn corresponds to 2% of the total supply worth around $8.68 million. The burn, the first in five months for the project, intends to reduce the supply and possibly increase the worth of the tokens.

BANANA Token Hits Weekly High Post $8.68M Burn

On August 14, the platform made a significant announcement regarding the destruction of 200,000 tokens. This action leads to a decrease in the total number of BANANA tokens,  ‘burning’ which is often employed in the cryptocurrency market to increase scarcity of the token and, consequently, its value.

Following the burn, BANANA’s price surged to a weekly high within 24 hours, reflecting a positive response from the market.

“How was your day honey?”
– “Good, burnt $8.6M worth of $BANANA. 🍌🔥”

2% of total supply destroyed forever.https://t.co/uVVwWDanke pic.twitter.com/O4hZehHRWQ

— Banana Gun 🍌🔫 (@BananaGunBot) August 13, 2024

This burn is the first in several months which may suggest that the platform is trying to rekindle the interest in the token. Given this reduction in supply, the remaining tokens may experience higher demand, and hence, higher prices in case of favorable market conditions.

Listing on Binance Futures with 50x Leverage

Concurrently, Binance has revealed that clients may start trading the tokens’ futures with up to 50x leverage from August 15, 2024. This listing is expected to enhance the trading volume in the token since the futures contracts enable traders to engage in price prediction of the token.

High leverage may also encourage more investors to invest in the token, increasing trading volume and market attention.

Earlier in July, Binance revealed that it was launching the Banana Gun project on the newly established Airdrop portal where the token will also be listed. Consequently, the listing of the token futures is another sign of the token’s growing presence on the crypto exchange, which may help support long-term interest.

Increased Trading Volume and Open Interest

Following the burn announcement and upcoming futures listing, BANANA has seen a notable increase in trading volume. The trading volume surged by 129.79%, reaching $154.51 million, indicating heightened activity and interest in the token. 

Additionally, open interest in the token’s derivatives increased by 3.82%, totalling $8.54 million. This rise in open interest suggests that new positions are being established, indicating expectations of future price volatility or movement.

Source: Coinglass

Meanwhile, with the bullish momentum in play, the token price swayed between an intra-day high and low of $48.91 and $41.21, respectively. At press time, the price was exchanging hands at $45.13, a 4% surge from the support level and 37% rally in the last week.

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Kelvin Munene Murithi

Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.