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The Simon’s Cat meme coin was recently launched on the Binance ecosystem with the support of Floki Inu, thus attracting significant attention from traders.
Key Notes
The Binance’s meme coin ecosystem has significantly grown in the recent past due to the network’s global credibility.Simon’s Cat has attracted over 230k on-chain holders in less than two months after its launch.As the total crypto market cap surged earlier on Monday, speculation on top meme coins led by cat-themed Simon’s Cat (CAT) significantly surged. As of this writing, CAT’s price had surged over 37 percent in the past 24 hours to trade around $0.000033 on Monday, October 21, during the early New York session.
The small-cap meme coin, with a fully diluted valuation of about $267 million and a daily average traded volume of around $140 million, regulated more gains than most of the altcoins primarily due to the Binance Holdings Ltd., listing announcement.
Earlier today, leading cryptocurrency exchange Binance announced it will introduce a perpetual contract for CAT token dubbed 1000CATUSDT. As a result, Binance traders can now trade 1000CATUSDT with up to 75x leverage beginning today.
The cryptocurrency exchange noted that the 1000CATUSDT will allow traders to use multi-assets mode and most importantly tap on other digital assets led by Bitcoin (BTC) as collateral for margin.
At launch, the 1000CATUSDT will have a funding rate cap of +/- 2 percent, with the funding fee settlement expected every four hours.
Why You Should Consider Simon’s Cat for the Remaining Part of Crypto Bull Run
The meme coin industry, led by Dogecoin (DOGE), has grown to more than $58 billion in market capitalization and over $7.2 billion in daily average traded volume. Most blockchains are tapping on the meme coins’ prowess to attract more users to the Web3 space, amid the 2024/2025 crypto bull run.
In the Binance ecosystem, Simon’s Cat has emerged as a potentially valuable meme coin, with a liquidity of more than $8.72 million in BNB. According to on-chain data analysis, CAT token has a total of more than 230K holders, with around 10 percent of its total supply already burnt forever.
The listing of CAT tokens on Binance and other crypto exchanges including MEXC, OKX, Gate.io, KuCoin, and HTX among others has helped increase the meme coins’ liquidity and daily average traded volume.
Most importantly, the Simon’s Cat meme coin has received much-needed support from the Floki Inu community, which was among the lucky winners of the CAT airdrop that accounted for about 18.5 percent of the token’s total supply.
Midterm Expectations
Although the CAT token was recently launched, thus lacking more historical data for analysis, the meme coin has faced short-term turbulence fueled by airdrop recipients selling to take profits. After hitting an all-time high of about $0.000046 late last month, CAT’s price has dropped over 28 percent to date.
From a technical analysis standpoint, CAT price could easily rally towards a new all-time high in the near term, if the altcoin market gains bullish momentum.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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