Memecoin Simon’s Cat has a market cap of $213 million and has been growing since its inception.
Additionally, the recent win in the Binance challenge gives a positive signal for long-term growth in CAT price.
Despite the bullish trend ahead, have you wondered why Binance picked CAT as the winner in a space filled with dog-themed memecoins?
CAT Price Performance
Since its launch, the memecoin Simon’s Cat price has increased by more than 2,000%, starting at just $0.000001390. The current price of Simon’s Cat is $0.00003173, with a strong uptrend on the 4-hour chart.
CAT price action shows a higher highs pattern, taking support from the 50-day EMA. Currently, a pullback to the 50-day EMA avoids a drop to the new support line of the ascending channel pattern.
With a slight correction near the 50-day EMA and a 2.29% gain on the day, CAT price is poised for a bounce.
This correction serves as a test of the $0.000030 breakout, and a reversal after the test is expected to challenge the overhead resistance near the all-time high of $0.00003594.
Meanwhile, the bearish influence on the MACD line and the signal fades with decreasing intensity of the MACD histograms.
Therefore, the possibility of a bullish crossover in the MACD and the signal line is increasing.
Why Is Binance Honoring Simon’s Cat As The Next Meme?
Binance recently selected Simon’s Cat as the winner of its “Meme Heroes” contest, pushing up the price of CAT.
This decision was based on Simon’s Cat’s strong connection to meme culture and its large, highly engaged, and growing fan base.
As a popular animated series, Simon’s Cat has a special appeal and is an ideal candidate to promote Web3.
Since Binance values the ability of memecoins to attract new users, Simon’s Cat fits perfectly into Binance’s strategy.
Additionally, Simon’s Cat meets Binance’s key sustainability criteria, including locking up 100% of LP liquidity for one year.
The one-year lock-up period ensures balance in token ownership.
With $900,000 in LP support, the project has strong financial backing. Therefore, Binance’s main goal in choosing Simon’s Cat is to promote Web3 and support the price of CAT with real utility for long-term development.
Will CAT Price Reach $0.000050?
Based on the current rally, the possibility of a breakout above the resistance level is high as demand for CAT increases.
Based on the CAT price trend and price sentiment movements, a breakout is likely to reach $0.000050 if it surpasses the high of $0.00003594.
