NAIROBI (BingCrypto.com)— Catizen AI has officially announced that its perpetual futures market, CATI-PERP, will launch on Coinbase International Exchange and Coinbase Advanced on Sept. 26, 2024. Trading of Catizen’s $CATI token will commence after 9:30 AM UTC, offering traders access to a new derivative product linked to the native token.
The CATI-PERP market allows traders to speculate on the token’s price movements without needing to hold the asset itself. Unlike standard futures contracts, perpetual futures lack expiration dates, providing traders with more flexibility. This follows the recent listing of CATI on Binance Futures, where Catizen has also launched a promotional event, offering 50,000 CATI tokens to participants in the “Futures Trading Carnival.”
In a related development, Catizen collaborated with Binance Web3 and Mantle to roll out an airdrop campaign valued at $300,000. The campaign included rewards in Fish Coins and $MNT tokens, further solidifying its position in the competitive token market.
Catizen’s Blockchain Game Drives Growth and Revenue
The Catizen token operates on the TON blockchain, supporting its tap-to-earn game with over 39 million users and 18 million active monthly players. The game generated $26 million from in-game purchases, with $16 million coming in July alone, according to Telegram CEO Pavel Durov.
Durov praised Catizen for introducing millions to blockchain via TON-based smart contracts for in-game rewards. He also highlighted the team’s efforts in building tools for developers to launch games on Telegram and TON.
Catizen distinguishes itself by offering players a virtual cat café experience, where interacting with cats generates earnings, adding a strategic layer that sets it apart from other tap-to-earn games.
Price Reaction to Catizen AI CATI-PERP Announcement
Following the announcement of the CATI-PERP listing, the price of Catizen coin ($CATI) surged by over 7%, peaking at $0.8368. However, this bullish momentum was short-lived as the price quickly corrected, falling to $0.80. At the time of writing, $CATI is trading at $0.77, up by 1% on the day.
The Relative Strength Index (RSI) reading of 49.65 indicates that the market is in a state of consolidation, with no dominant buying or selling pressure. The neutral RSI suggests that the token may be awaiting further market developments, including the launch of perpetual futures on Sept. 26, before making any decisive price movements.
Technical analysis suggests that if the RSI exceeds 70, the market would consider $CATI overbought, potentially triggering a correction. Conversely, an RSI below 30 would signal an oversold condition, implying that the token might be undervalued and primed for a rebound.
The launch of perpetual futures on Coinbase could trigger further volatility in Catizen’s price. Perpetual futures often attract both institutional and retail traders due to their flexibility, amplifying price movements. Analysts expect increased liquidity and speculative activity around the token as the Sept. 26 launch date approaches.
However, the price’s retreat following its initial rally reflects the challenges faced by smaller-cap tokens like $CATI in sustaining bullish momentum. The market will likely wait for concrete results from the futures market launch before making any strong moves.
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