On Friday, September 20, Catizen’s token surged to an all-time high as the cryptocurrency rally gained momentum, coinciding with the launch of STON.fi’s farming initiative.
The price of Catizen (CATI) soared to $1.1265, which marks a remarkable increase of 260% from its lowest value earlier this month. This surge has elevated its market capitalization to surpass $216 million.
The majority of Catizen’s trading volume occurs on Binance, followed closely by Bybit, Bitget, and OKX, which reported a 24-hour trading volume of $267 million, $50 million, and $49 million respectively.
The primary driver behind Catizen’s gains on Friday was the introduction of CATI farming by STON.fi, a prominent decentralized exchange in TON’s Blockchain ecosystem. As part of the launch, 20,000 STON rewards, valued at approximately $86,000, were offered to participants.
These rewards will be distributed equally between the CATI/TON and CATI/USD trading pairs. The farming initiative will continue until October 4. Historically, cryptocurrencies tend to rally following the commencement of farming and upon listing on major exchanges.
Additionally, Catizen has launched in Bitget’s PoolX, offering users the opportunity to win 53,000 TON, valued at roughly $300,000, by locking their tokens on the exchange.
The increase in CATI’s value was also fueled by its recent listing on Crypto.com, one of the industry’s top cryptocurrency exchanges, and subsequent listings on platforms like OKX, Gate.io, and WhiteBIT.
To give context, Catizen represents one of the largest gaming mini-apps on Telegram, boasting over 30 million users who earn tokens by collecting ‘cats’ and completing straightforward tasks such as following social media accounts.
Its trajectory has been stronger compared to other Telegram-based tokens, such as Notcoin (NOT) and Pixelverse, which have seen significant declines following their airdrops.
Looking ahead, the next notable Telegram tap-to-earn airdrop to monitor is Hamster Kombat, which has attracted over 300 million users. According to OKX, its pre-market futures have plummeted by over 95% within the last month.
The crucial challenge for Catizen will be to sustain the ecosystem’s activity now that the token has commenced trading. Historically, play-to-earn platforms like Decentraland and Axie Infinity have faced difficulties in maintaining momentum following their initial success.
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