Catizen’s token rose to a record high on Friday, Sept. 20, as the crypto rally intensified and after STON.fi launched its farming.
Catizen (CATI) jumped to a high of $1.1265, 260% above its lowest point this month. This rally has pushed its market cap to over $216 million.
Most of Catizen’s volume is happening in Binance, followed by Bybit, Bitget, and OKX, which had a 24-hour volume of $267 million, $50 million, and $49 million, respectively.
The main catalyst for Catizen’s surge on Friday was the launch of CATI farming by STON.fi, a leading decentralized exchange in TON’s Blockchain. As part of the launch, the company offered 20,000 STON rewards worth $86,000 to participants.
These rewards will be divided equally between the CATI/TON and CATI/USD pairs. The farming period will run until Oct. 4. In most periods, cryptocurrencies rally after the start of farming and after being listed by a major exchange.
Catizen was also launched in Bitget’s PoolX, where users who lock their tokens in the exchange will stand a chance to win 53,000 TON valued at about $300,000.
CATI also rose after being listed by Crypto.com, one of the leading crypto exchanges in the industry. It is now listed in other exchanges like OKX, Gate.io, and WhiteBIT.
For starters, Catizen is one of the biggest gaming mini-applications in Telegram, with over 30 million users who earn tokens by collecting ‘cats’ and doing simple tasks like following its social media accounts.
Its performance has been better than other Telegram tokens like Notcoin (NOT) and Pixelverse which have dropped sharply after their airdrop.
The next key Telegram tap-to-earn airdrop to watch will be Hamster Kombat, which has accumulated over 300 million users. According to OKX, its pre-market futures have dropped by over 95% in the past 30 days.
Catizen’s biggest task will be how to maintain the ecosystem’s vibrance now that the token has started trading. Historically, play-to-earn networks like Decentraland and Axie Infinity have struggled to maintain the initial boom.
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