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Home»ALTCOIN NEWS»Simon’s Cat Gains 45% on Binance Listing: Is the $1 Billion Ceiling Approaching?
ALTCOIN NEWS

Simon’s Cat Gains 45% on Binance Listing: Is the $1 Billion Ceiling Approaching?

By Crypto FlexsOctober 23, 20243 Mins Read
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Simon’s Cat Gains 45% on Binance Listing: Is the  Billion Ceiling Approaching?
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  • BNB meme coin Simon’s Cat hits a new all-time high just two months after its launch.
  • CAT is based on the main character of the Simon’s Cat animated television series.
  • The meow race lists the cat-themed niche as a $5 billion market cap.

It’s been exactly two months since Simon’s Cat entered the blockchain space, and since tracking by CoinGecko, it has gained 233.9%. BNB-based meme coins first rose to prominence when Binance supported CAT airdrops for FLOKI holders, including anyone with a FLOKI balance of at least 400,000.

The causes of Simon’s Cat’s Breakout are as follows:

After bringing KuCoin and Bybit Perpetuals listings, the hungry cat settled into a period of calm at the end of September 2024. After trading in a downward parallel channel for three weeks, CAT broke the barrier when Binance announced the listing of Perpetuals on October 21, 2024.

This includes Binance’s Simon’s Cat (1000CAT) 1000x derivatives contract, available in multi-asset mode. Additionally, the maximum leverage of derivatives positions on Simon’s Cat is limited to 75x across exchanges.

According to the official announcement, the smart contract will be applied to Binance’s Perpetual and will settle the funding fee every 4 hours, with sleepy capped at between +2% and -2%.

CAT rebounded from sub-channel support to confirm a breakout after entering the derivatives market of the world’s largest cryptocurrency exchange. Naturally, this has captured the attention of social media, as market watchers weigh the possibility of CAT achieving a $1 billion market capitalization.

$CAT We just broke away from low channel support and are now on a major breakout!

If the bulls continue to maintain momentum we could see a return to the recent ATH.

Honestly I think $CAT It could reach a market capitalization of more than $1 billion this cycle. pic.twitter.com/T8H7QZCLJa

— Crypto Zeinab (@CryptoZeinab) October 22, 2024

As the market moved sideways on Tuesday, Simon’s Cat’s strong price gains continued to lead the way. The new token hit a 7-day high of $0.00003996, representing a 45% gain in 24 hours. CAT is still 21% off its all-time high of $0.00004624 on September 21, 2024, one month after KuCoin’s spot listing.

Is Simon’s Cat’s $1 billion market capitalization feasible?

According to CoinGlass statistics, CAT is gaining speed in the derivatives market. With a 226% surge in derivatives trading volume in 24 hours, CAT is now heading toward $200 million. Although long positions are slightly behind short positions by a ratio of 0.9968.

If Simon’s Cat reaches a market capitalization of $1 billion, it will become the 9th largest meme coin. However, CAT is the fourth largest token in the cat-themed cryptocurrency category, behind Popcat, A Cat In a Dog’s World (MEW), and Mog Coin (MOG).

Although the competition is not disappointing, the Simon’s Cat cryptocurrency price remains strong with Chaikin Money Flow (CMF) balanced above 0.16. In particular, this means that large investors are increasing their stakes without expecting a market correction to be imminent.

The Stochastic Relative Strength Index (StochRSI) also showed a strong oversold position, with the upper and lower oscillators not exceeding 8 on the 1-day chart.

On the flipside

  • Simon’s Cat is only available on Spot’s major exchanges, including KuCoin, MEXC, and HTX. Together, these exchanges accounted for 6.9% of 24-hour CAT trading volume.
  • Binance and Bybit are yet to announce whether the token will be Spot listed, and the number of holders has surged to 232.14K.

Why This Matters

Major exchanges offering meme currencies signal a change in trading behavior. Cryptocurrency enthusiasts are turning to more speculative assets to potentially reap bigger profits.

Check out DailyCoin’s popular cryptocurrency stories:
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