Why is Simon’s Cat (CAT) Trending On X? Is A New Price Rally Coming?

From an internet animated series with 1.6 billion views to a popular cat-themed token, Simon’s Cat has won over the netizens. The token is one of the highly demanded cryptos with $259.32M in market capitalization. It has also offered highly profitable days, achieving an ATH of $0.0000464 just a month ago. Moreover, the demand is persistent, as the CAT hashtag is trending on X today.

Why is Simon’s Cat (CAT) Trending On X?

Since the beginning of the year, meme coins have dominated the crypto market. As a result, a new demand for Cat-themed tokens formed, including one for Simon’s Cat, due to its reference to the popular animated series. More importantly, the token is up by 147.44% since the launch, presently trading at $0.00003835, which is significantly high.

The token is again in demand for three reasons. It includes the rising demand for meme coins, as meme-themed tokens like Moodeng and Goatseus Maximus are bringing all the attention to this category. Additionally, its 60% surge in the last seven days has brought additional attention, as the market conditions are not entirely favorable. Despite that, it is calling for the need for profiting tokens like Simon’s Cat. With this, it is closer to its ATH and only needs a significant push to grow 17% more to surpass that.

This demand peaked when the Binance exchange listed 1000CATUSDT perpetual futures, leading to a 100% rally on October 21, 2024. At that time, the CAT price grew from $0.00002 to $0.00004, showing an impressive performance. A similar rally might happen again as the OKX exchange has also listed the CAT/USDT pair.

🟢 #NewListing
$CAT/USDT @SimonsCatMeme Spot trading is LIVE on #OKX!

Trade now: https://t.co/8rvC969usA pic.twitter.com/pK26jtwMqw

— OKX (@okx) October 25, 2024

Will CAT Price Hit A New ATH Anytime Soon?

Right after its launch, the CAT price began following an uptrend with a few falls in between. However, despite that, it peaked at an all-time high before following a complete downtrend from September end until a few days ago. Thankfully, with the Binance perpetual contract listing, the token had the biggest price jump, doubling in value and gaining a new price trajectory.

However, that is on hold today, as the entire crypto market is down, affecting the investor’s sentiments and trading activities. As a result, the price is consolidating with a few technical factors indicating the presence of sellers. Despite that, there is strong buying pressure on the token, which could push it higher if the bulls gained dominance again. More importantly, Simon’s Cat is moving away from the first resistance at 0.000047193 towards the support at 0.000020793, indicating further consolidation. However, if it bounced from the support towards the resistance, an uptrend might begin following the high demand among investors.

What’s In There For You?

Simon’s Cat is the fourth biggest Cat-themed meme coin per market capitalization, which explains its demand in the market. The eyes are NOW on the Bitcoin price rally, as many crypto analysts predicted heavy gains before year-end. If that happened, it might evolve as a high-return opportunity for other tokens like CAT as well. More importantly, the 60% surge over the week indicates the possibility for future gains as the demand among investors is rising with the OKX exchange CAT listing. As a result, this could boost the CAT price closer to an ATH in the long run, as it is only 17% away. However, with the market’s downfall, the uptrend is on a halt. If the bulls failed to show dominance, the price might decline further, but if the chart moved towards the first resistance at $0.000047193, an uptrend might begin.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.