Popular meme coin Simon’s Cat has recorded a huge price upswing following backing from major crypto exchanges. The asset’s price is up 45% this week and over 8% in the last 24 hours. This huge jump in value comes with an increased market sentiment as most tokens swing upwards.
Simon’s Cat Jumps Following Major Listings
Top crypto exchanges have backed the high-flying token sparking a surge in its price. Bybit announced support for the token by announcing a new perpetual contract listing. The platform disclosed that users could trade up to 12.5 leverage with many around industry quarters lauding the move.
🚀 It’s CAT SZN! #1000CATUSDT Perpetual Contract is now Live on #Bybit with @SimonsCatMeme!
Trade with up to 12.5x Leverage.
📈 Trade $1000CAT: https://t.co/3S0rs9pkI8#BybitTrading #BybitContracts pic.twitter.com/IOrFFXkiGt
— Bybit (@Bybit_Official) September 13, 2024
Listings and other support from crypto exchanges have a positive impact on asset prices due to trading volumes among other factors. Traditionally, meme coins rally on the heels of these developments because the community and holders move off its mainstream adoption. Derivative exchange, Phemex listed POL and CAT as USDT-margined spot trading pairs.
“Dear users… At 10:00 UTC on September 13, 2024, Phemex will list the new spot trading pair POL/USDT, and at 12:00 UTC CAT/USDT will be listed.”
Furthermore, HTX added Simon’s Cat perpetual futures with 50X leverage for trades. The exchange noted the asset can adjust the parameters in response to risk and fluctuations. CoinEx Global announced that top traders of CAT will share a $4,500 prize pool. The asset remained among crypto gainers last week following bullish drivers.
CAT Price Spikes
CAT price surge continues to attract bullish holders to the assets. This week, the asset soared 45% with several analysts pointing to the meme coin frenzy in Q1 when tokens pulled similar numbers. At press time, Simon’s Cat trades at $0.0000342, moving up 8% in the last 24 hours.
CAT price surge is expected to cool like other meme coin highs in the long run coupled with wider crypto sentiments. A cut in policy rates would also affect inflows to the asset. Despite this, holders tip more growth for the asset. On-chain factors also place CAT price projection at a better spot than DOGS despite its low popularity.
David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
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.
Source: https://coingape.com/simons-cat-cat-price-skyrockets-amid-major-exchanges-backing-rally-to-sustain/
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