The shorter duration limits the gap between futures and spot prices, ensuring a lower premium than monthly standard and micro futures contracts. The lower premium means the contango bleed, or the cost incurred from moving positions from the impending expiry to the following Friday expiry, is relatively less than extended duration contracts, leading to improved profitability.

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.