As a seasoned crypto investor with a knack for identifying undervalued gems, I find myself intrigued by the meteoric rise of Simon’s Cat (CAT). With my years of experience and a keen eye for potential, I can see that CAT has all the makings of a breakout meme coin.
On Monday, there was a notable increase in the overall value of the cryptocurrency market. This rise sparked speculation about popular meme coins, with Simon’s Cat (CAT) being one of the leading contenders. At the moment I’m writing this, the price of CAT has jumped by more than 37% within the last 24 hours, reaching approximately $0.000033 during early trading in New York on October 21st.
A less expensive, meme-based cryptocurrency, valued at approximately $267 million when fully diluted and averaging about $140 million in daily trading volume, experienced significant growth compared to many other altcoins mainly because of the announcement that Binance Holdings Ltd. would list it.
Today, the prominent cryptocurrency exchange Binance unveiled that they will soon offer a perpetual contract for CAT tokens, known as 1000CATUSDT. This means Binance traders can now trade 1000CATUSDT starting from today, with maximum leverage of up to 75 times.
As an analyst, I’ve observed that the cryptocurrency exchange has introduced a new trading pair, 1000CATUSDT. This unique feature enables traders to engage in multi-asset trading, with the most significant advantage being the ability to leverage other digital assets, predominantly Bitcoin (BTC), as collateral for margin trading.
Initially, the trading pair 1000CATUSDT will set a limit for its funding rate at ±2%, and the funding fee adjustments are anticipated to occur approximately every four hours.
Why You Should Consider Simon’s Cat for the Remaining Part of Crypto Bull Run
In recent times, the meme coin sector, spearheaded by Dogecoin (DOGE), has surged to an impressive market capitalization of over $58 billion and boasts a daily trading volume of around $7.2 billion. Many blockchain platforms are leveraging the appeal of meme coins to draw in more users towards the Web3 realm, as we approach the anticipated crypto bull market between 2024 and 2025.
Within the Binance environment, Simon’s Cat is showing promise as a meme coin that could be quite beneficial. It boasts a liquidity exceeding $8.72 million in BNB. As per on-chain data analysis, the CAT token has over 230,000 owners, with approximately one tenth of its total supply already permanently removed from circulation.
As a crypto investor, I’ve been thrilled to see the listing of CAT tokens on platforms like Binance, MEXC, OKX, Gate.io, KuCoin, and HTX, among others. This move has significantly boosted the liquidity and daily average traded volume for these meme coins, making them more accessible and tradable for a wider community.
Primarily, it’s worth noting that the Simon’s Cat meme coin has gained substantial backing from the Floki Inu group, one of the fortunate recipients of the CAT airdrop, which holds approximately 18.5% of the coin’s overall supply.
Midterm Expectations
Despite the CAT token being newly launched and having limited historical data for analysis, its price fluctuations have been significant due to initial sell-offs by airdrop recipients aiming to cash in on their profits. After peaking at around $0.000046 last month, the value of CAT has since dropped by over 28 percent.
Looking at it from a technical perspective, there’s a strong possibility that the price of CAT could surge towards a fresh record high soon, given a favorable uptrend in the altcoin market.
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2024-10-21 16:54