Simon's Cat (CAT) – a meme coin launched on the BNB chain on August 22nd – has shown quite an impressive performance.
Meme coin season might be reaching its peak as the price of CAT coin hit a fresh all-time high on Monday. But what is CAT coin, and why is it surging?
CAT coin is a meme coin launched on the BNB chain on August 22. The coin’s price is up 70% on a two-week scale, hitting a fresh all-time high of $0.00003355 (per CoinGecko’s data) earlier today (September 13).
The coin’s surge follows a period of strong performance for cat-related meme coins. As reported, the price of cat meme coin apex predator Popcat (POPCAT) has also surged in the past two weeks, rising by 75% and hitting a fresh all-time high of $0.00006498 on Monday.
Moreover, the price of cat meme coin Kittekoin (KOIN) has also doubled in the past seven days, rising from $0.0000004 to $0.0000009 earlier today.
But what is driving the demand for these meme coins? Well, it could be anything from the upcoming cat season to the rising popularity of cat memes on social media.
One X user claimed that CAT “is building a lovely organic community,” with wallet holders crossing 26,000.
Another (using the X handle Unipcs) praised the token’s ATH, predicting it will eventually become “the one cat to rule them all.”
It is also worth noting that the meme coin also caught the eye of some leading cryptocurrency exchanges.
HTX (formerly known as Huobi), for instance, introduced CAT/USDT perpetual futures with up to 50x leverage.
MEOW, New Perpetual Listing! #HTX adds $CAT/ $USDT perpetual futures with up to 50x for long & short trades. @SimonsCatMeme
Details: https://t.co/VJMCDU1vqI pic.twitter.com/1mdwbR0bxw
— HTX (@HTX_Global) September 13, 2024
These products allow traders to speculate on price movements without directly owning the underlying asset. They are designed to be held indefinitely and require market participants to maintain a certain margin level to keep positions open.
What About the Other Cat-Related Memes?
CAT is currently the fourth-largest cat-themed meme coin, with a market capitalization of around $220 million. The undisputed leader, Popcat (POPCAT), has nearly $650 million, and its valuation has also been flying high recently. It currently trades at around $0.000065, a 27% spike compared to the figure observed a week ago.
Some of the exchanges offering services with POPCAT include Bybit, KuCoin, Crypto.com, Gate.io, and more. The US-based Kraken will also join the fray, promising to list the token next week.
Other cat-themed meme coins whose prices have risen by double digits in the past seven days are Mog Coin (MOG), Kittekoin (KOIN), and MANEKI (MANEKI).
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