Binance Launches 1000CATUSDT Perpetual Contract and Delists Four Altcoins, Resulting in Significant Price Drop
Shibarium’s daily trading volume soared, but the price of SHIB dropped by 2% this week.
Bitcoin (BTC) experienced high volatility, falling below $65,500 and then rebounding to around $67,200.
Binance’s Latest Revisions
The largest cryptocurrency exchange continues to expand its list of trading options in response to ongoing market trends. Earlier this week, it launched the 1000CATUSDT perpetual contract on its futures platform. This product allows leverage of up to 75x and supports multi-asset mode.
As expected, Simon’s Cat (Cat) experienced a significant rebound shortly after the announcement. Its price surged by 65% daily, with a market cap approaching $250 million. The recovery has continued in the following days, with CAT’s valuation increasing by another 7% in the past 24 hours.
Additionally, Binance periodically delists some existing cryptocurrencies to make room for new offerings, considering factors such as liquidity and trading volume. According to CryptoPotato, the latest delisting frenzy has affected Rubi Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (Ooki), and Unifi Protocol DAO (UNFI). These altcoins will no longer be available on the platform starting from November 6 and will support withdrawals until February 6, 2025. The stock prices of KP3R, OOKI, and UNFI plummeted by approximately 40% after the disclosure.
Shibarium Makes Headlines Again
Shiba Inu’s layer-two blockchain solution has made an impressive comeback in the past few days. On October 22, the daily transaction volume processed on the network surged to 1.77 million, a nearly 1300% increase within 24 hours. This number continued to climb and reached 3.24 million the following day. The last time such high levels were observed was in February of this year.
Shibarium enhances the Shiba Inu ecosystem’s ability to handle more transactions efficiently, making it easier for users to adopt the platform for decentralized applications. This could potentially increase the demand for SHIB as a utility token and consequently drive up its value. Despite the protocol’s relaunch, the price of the meme coin has been in a weekly loss, dropping by 2%.
BTC’s Ups and Downs
Last but not least, let’s discuss the major cryptocurrency that has recently experienced significant volatility. It opened the week above $69,000, with many industry participants envisioning further gains beyond the psychological barrier of $70,000.
Contrary to these expectations, BTC dropped in the following days, falling below $65,500 on October 23. However, bulls reacted swiftly, pushing the price up by $2,000 within a few hours. Currently, the asset is valued at around $67,200 (according to CoinGecko data), marking a 10% increase in the past two weeks.
