IP-backed memecoin Simon’s Cat (CAT) surged 50% after becoming the first cat-themed token to get a coveted Binance spot listing. CAT’s price rose from $0.000039 to a record peak of $0.000067 in early Asian hours Tuesday, with trading volumes increasing tenfold from $55 million to over $500 million.
Open interest in the token’s future products nearly doubled to over $60 million, showing a bump in expectations of further volatility with a bullish bias. Binance said it would offer airdrops of CAT to users of their Earn products who staked specific amounts of BNB tokens last week. It would then list 1000CAT (where a single token holds a thousand CAT) at 09:00 UTC later on Tuesday.
CAT is the official token of Simon’s Cat, an animated series about a hungry house cat and its adventures, with over 20 million followers across YouTube, Facebook, and Instagram. Comparisons with other cat-themed memecoins like Popcat, MOG, and MEW often place CAT at a perceived undervaluation due to its spot listings and IP backing, among other reasons.
Data shows it is the fourth-largest by market cap in that category, one that’s led by MOG at $1.1 billion as of Tuesday. Well-followed trader @theunipcs — who famously turned $16,000 to $18 million on a BONK trade — is among the most vocal supporters of CAT and expects it to become the largest cat-themed meme token in the coming months.
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