Simon's Cat (CAT) Coin Gets Spot Listing on Binance and Gains 50 Percent in Value
IP-backed memecoin Simon’s Cat (CAT) has taken a big step on the Binance platform and attracted attention by getting a spot listing. CAT Coin is the first cat-themed token to be listed on the Binance spot platform. With this development, the token experienced a 50 percent increase in value.
CAT Coin reached an all-time high of $0.000067 from $0.000039 early Tuesday. Trading volume has also increased tenfold, from $55 million to $500 million. Interest in the token has also soared, with open interest in future products exceeding $60 million, suggesting that the upward trend is set to continue.
Binance announced on Monday that it will offer CAT airdrops to users who staked a certain amount of BNB tokens last week. It will also list 1000CAT tokens on Tuesday at 12:00 UTC.
What is Simon's Cat?
CAT Coin is the official token of the popular animated series Simon’s Cat, which has over 20 million followers. The series follows the adventures of a hungry house cat. Simon’s Cat is a globally recognized brand, and CAT Coin is at the forefront of these IP-backed memecoins. Compared to other cat-themed memecoins like Popcat, MOG, and MEW, CAT Coin is often valued lower due to its spot listing and IP support. As of Tuesday, MOG Coin is the leader in this category with a market cap of $1.1 billion.
One of CAT Coin’s biggest supporters and notable for his previous investments, @theunipcs, predicts that CAT Coin will become the biggest cat-themed meme token in the coming months. The trader said in a post on Monday:
"$POPCAT is likely to evolve into $CAT to become the top cat meme coin. Cat memecoin has the best mainstream recognition, strong unit trends, and official IP for the brand. This opens up the possibility of a big rally as 99% of CT is pushed to the sidelines."
CAT Coin’s spot listing also highlights the growing legal advantages of IP-backed tokens. IP (intellectual and property rights) support strengthens the legal standing of tokens. Memecoins can obtain a clearer legal position regarding usage rights when they are based on cultural phenomena with official trademarks or copyrights.
IP-backed tokens can secure commercial rights by licensing the IP from its creators or owners, minimizing potential legal issues and copyright infringement. On the other hand, non-IP-backed tokens can risk legal action if they do not own the rights to the IP they emulate or represent.
Among these, non-IP-backed memecoins like Chillguy (CHILLGUY) and Pnut (PNUT) have faced legal challenges despite their popularity. For example, Mark Longo, the owner of Peanut the Squirrel, which inspired the Pnut token, sent a cease and desist letter to Binance for trademark infringement. Binance subsequently stopped listing Pnut.
Binance announced the airdrop of Simon’s Cat (1000CAT) on the HODLer Airdrops Portal. Other IP-backed tokens such as Pudgy Penguins (PENGU) are also among the projects that will attract attention in the coming days. Binance will distribute airdrops to users who stake their BNB in Simple Earn products between December 9-12.
The spot listing of Simon's Cat (CAT) Coin shows that IP-backed tokens are increasingly preferred and such projects will attract great attention in the coming period.