Simon's Cat (CAT) Meme Coin Surges 70% After Binance Futures Listing

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.

Meme coin Simon’s Cat (CAT) price soared after its listing on Binance Futures, rising 70% from its lowest point this month. The token encountered resistance at $0.000037 on Oct. 21, with a market capitalization of $224 million. Launched in August, Simon's Cat has risen by 2,230% since its inception.

Binance Futures listing boosts CAT

The price surge came after Binance announced that CAT would be listed on its USDⓈ-Margined Perpetual Contracts with up to 75x leverage. This move gave the token access to Binance’s large customer base.

Before the Binance listing, perpetual futures for CAT were already offered on exchanges like Bybit, OKX, Gate.io, and MEXC.

According to data from Coinglass, open interest for CAT futures reached a record high of $6.6 million. This figure could increase further with Binance’s addition, bringing more traders into the meme coin mania.

Simon's Cat partnership with MemeFi adds utility

Moreover, Simon’s Cat has partnered with MemeFi, a gaming platform with over 50 million Telegram users.

As FOMO (fear of missing out) set in, the number of CAT holders increased from 224,000 to over 231,000 on Oct. 21. However, the top ten holders own 56% of the token's total supply, which may raise concerns about centralization.

Technical indicators hint at a possible CAT pullback

Despite Simon’s Cat's strong rally, technical indicators suggest a potential pullback. CAT formed a bullish double-bottom pattern, breaking above the neckline at $0.00003237, which led to the formation of a “God candle,” pushing the price to its highest swing level on Oct. 15.

Although the token faced resistance at the second Woodie pivot point, it could still attempt to retest this level as support. If the bullish trend continues, CAT may challenge its all-time high of $0.000046, which is about 32% above its current level.

However, analysts noted mixed signals from price action and wave counts, suggesting that CAT’s rally may not be sustainable in the long term. A rejection from the descending resistance trend line could trigger a drop, while a breakout above this level would likely signal further gains.

notably, Simon’s Cat remains one of the best-performing meme coins, thanks to strategic listings and partnerships. It remains to be seen whether the rally will continue or fizzle out as market conditions change.

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