Simon’s Cat (CAT), a meme coin on the BNB Smart Chain, surged after its listing on Binance Futures, rising 70% from its lowest level this month. The token reached a peak of $0.000037 on Oct. 21, bringing its market cap to $224 million. Launched in August, Simon’s Cat has increased by 2,230% since its inception.
Binance Futures Listing Pushes CAT Higher
The price surge followed Binance’s announcement of CAT’s listing on its USDⓈ-Margined Perpetual Contracts with up to 75x leverage. This move gave the token access to Binance’s vast customer base. Before the Binance listing, perpetual futures for CAT were already available on exchanges like Bybit, OKX, Gate.io, and MEXC.
Data from Coinglass shows open interest for CAT futures jumped to $6.6 million, a new record. The figure could grow further with Binance’s inclusion, attracting more traders into the meme coin frenzy.
Partnership with MemeFi Adds Utility to Simon’s Cat
Simon’s Cat has also secured a partnership with MemeFi, a gaming platform boasting over 50 million users on Telegram.
As FOMO (fear of missing out) sets in, the number of CAT holders rose from 224,000 to over 231,000 on Oct. 21. However, the top ten holders control 56% of the token’s total supply, which could present some concerns about centralization.
Technical Indicators Signal Potential Pullback
While Simon’s Cat has experienced a sharp rally, technical indicators suggest a potential pullback. CAT formed a bullish double-bottom pattern, breaking above the neckline at $0.00003237, leading to the formation of a “God candle,” which pushed the price to its highest swing level on Oct. 15.
Despite the upward momentum, CAT may face resistance as the market digests the Binance listing. The token could retreat to retest the first Woodie resistance point at $0.000030. If the bullish trend resumes, CAT may challenge its all-time high of $0.000046, approximately 32% above its current level.
However, analysts point to mixed signals from price action and wave counts, which suggest that CAT’s rally may not sustain in the long term. A rejection from the descending resistance trend line could trigger a drop, but a breakout above this level would likely signal further gains.
Interestingly, Simon’s Cat continues to be one of the top-performing meme coins, supported by strategic listings and partnerships. Whether the rally lasts or cools off remains to be seen as market dynamics evolve.
The post Simon’s Cat (CAT) Token Skyrockets 70% Overnight Following Binance Futures Listing appeared first on CoinChapter.
