The Simon’s Cat-themed CAT token has become one of the meme coin projects

This popular token reached an all-time high of $0.0000464 just last month, and its market value is currently recorded at around $259.32 million.

The meme coin, which is inspired by the popular animated series Simon’s Cat on social media platforms, has managed to attract attention in the crypto market. Especially with the increasing popularity of meme coins since the beginning of the year, the demand for cat-themed tokens has also increased. Taking advantage of this trend, the CAT token gained 147.44 percent in a short time. It is currently trading at $0.00003835.

While meme coins generally gain value through social media and community influence, projects that appeal to a wide audience such as Simon’s Cat attract the attention of meme coin investors. In particular, the trending hashtag CAT on the X platform (formerly Twitter) contributed to the rapid increase in demand for this token.

Three main reasons explain the increasing demand for Simon’s Cat token in recent weeks. First of all, the increase in interest in meme coins supported this demand. In addition, the fact that other meme coins such as Moodeng and Goatseus Maximus have also attracted attention in the market is a critical development. Because thus, the interest in this category increased even more.

CAT token increased by 60% in the last week alone. As we reported at Kriptokoin.com, Binance exchange listed 1000CATUSDT futures for meme coin on October 21, 2024. Thus, CAT token increased by 100 percent from 0.00002 to 0.00004 dollars. According to analyst Pooja Khardia, such a move is likely to happen again. The OKX exchange also recently listed the CAT/USDT pair.

🟢 #NewListing $CAT/USDT @SimonsCatMeme Spot trading is LIVE on #OKX! Trade now: https://t.co/8rvC969usA pic.twitter.com/pK26jtwMqw

The CAT token experienced a few declines immediately after entering the market, but it has generally gained an upward trend. The token, which drew an upward chart until the end of September, then experienced a short-term decline. However, the CAT token, which doubled its value with the listing of the Binance futures contract, has entered an upward trend again. Simon’s Cat stands out as the fourth largest cat-themed meme coin in terms of market value. This also explains the market demand.

A rally in Bitcoin prices is also expected towards the end of the year. According to experts, this situation creates high-yield opportunities for other tokens like CAT. On the other hand, according to the analyst, the 60 percent increase during the week is remarkable. Because this is a sign of potential future earnings.