- BNB meme coin Simon’s Cat nears a new all-time two months into launch.
- CAT is based on the main character of the Simon’s Cat animated TV series.
- The meowing competition has the cat-themed niche glazing into a $5B cap.
It’s been exactly two months since Simon’s Cat entered the blockchain realm, netting a 233.9% return since being tracked by CoinGecko. The BNB-based meme coin first rose to prominence when Binance backed a CAT airdrop for FLOKI holders, including everyone having at least 400,000 FLOKI on balance.
Here’s What Led to Simon’s Cat’s Breakout
After fetching KuCoin and Bybit Perpetuals listings, the hungry cat settled for a period of calm in late September 2024. Trading in a downward parallel channel for three weeks, CAT broke through the barrier when Binance announced its listing on Perpetuals on October 21, 2024.
This includes the Simon’s Cat (1000CAT) 1000-times multiplied Derivatives contract on Binance, which can be used in multi-assets mode. Besides, the maximum leverage for Derivatives positions on Simon’s cat is limited to 75x across the exchange.
As per the official announcement, the smart contract is live on Binance’s Perpetual and will settle funding fees every four hours, with a limited slippage between +2% and -2%.
Following CAT’s entrance into the Derivatives markets on the globe’s largest crypto exchange, it bounced off the lower channel support, confirming a breakout. Naturally, this has garnered social media attention, as market watchers are weighing the chances of CAT hitting a $1 billion market capitalization.
As the markets trade sideways on Tuesday, Simon’s Cat’s bullish price appreciation continues to lead the pack. The newcomer token scored a seven-day high of $0.00003996, whipping up 45% gains in 24 hours. CAT is still 21% away from its all-time peak of $0.00004624 on September 21, 2024, a month into Spot listing on KuCoin.
Is $1B Market Cap Feasible for Simon’s Cat?
Based on CoinGlass stats, CAT is picking up pace in Derivatives markets. Blasting off by 226% in Derivatives trading volume in 24 hours, CAT is now heading towards $200 million, even though long positions slightly trail its shorts with a ratio of 0.9968.
If Simon’s Cat hit a $1 billion market cap, it would make the 9th largest meme coin. However, CAT is only the fourth largest token in the cat-themed crypto category, behind Popcat, A Cat In a Dog’s World (MEW), and Mog Coin (MOG).
While the competition does not disappoint, Simon’s Cat crypto price remains bullish, with Chaikin Money Flow (CMF) balancing above 0.16. Notably, this means large investors are increasing their stake, not expecting an imminent market correction.
The Stochastic Relative Strength Index (StochRSI) also flashed a strongly oversold position on the 1-day charts, with the upper and lower oscillators not exceeding 8.
On the Flipside
- Simon’s Cat is available only on a selection of major exchanges on Spot, including KuCoin, MEXC, and HTX. These exchanges combined for 6.9% of the 24-hour CAT trading volume.
- Binance and Bybit are yet to announce if the token will see an imminent Spot listing, while the holder count has soared to 232.14K.
Why This Matters
Major exchanges accepting meme currencies to their offerings suggest a shift in trading behavior. Crypto enthusiasts are switching to more speculative assets to capitalize on potentially bigger gains.
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