well-liked meme currency With support from significant cryptocurrency exchanges, Simon’s Cat has seen a sharp increase in price. The asset has gained more than 8% in the past day and 45% this week. As most tokens rise in value, there has been a noticeable surge in market sentiment.
Leading cryptocurrency exchanges have supported the rapidly-rising token, driving up its value. Bybit revealed a new perpetual contract listing to signal support for the token. When the site revealed that customers could trade with up to 12.5 leverage, many industry quarters applauded the announcement.
Due to trading volumes and other considerations, asset prices are positively impacted by listings and other support provided by cryptocurrency exchanges. Meme coins have historically risen in response to these changes because the community and holders stop adopting them widely. Phemex, a derivatives exchange, listed POL and CAT as spot trading pairs with a USDT margin.
“Hi there, users… On September 13, 2024, Phemex will offer the new spot trading pair POL/USDT at 10:00 UTC, followed by the listing of CAT/USDT at 12:00 UTC.
Moreover, HTX introduced 50X leveraged tradeable Simon’s Cat perpetual futures. The asset’s ability to modify the parameters in response to risk and volatility was mentioned by the exchange. The $4,500 prize pool for the top CAT traders will be divided, according to CoinEx Global. After bullish drivers last week, the asset was still among the top performing cryptocurrencies.
Bullish investors continue to be drawn to the assets by the CAT price boom. The asset saw a 45% increase this week, and many analysts attributed it to the meme coin craze in Q1, when token prices reached comparable levels. Simon’s Cat is up 8% over the past day at $0.0000342 as of the time of publication.
With broader sentiments about cryptocurrencies, the price spike of CAT is anticipated to eventually moderate, similar to other meme coin highs. Inflows into the asset would likewise be impacted by a policy rate reduction. Holders nevertheless predict more expansion for the asset. Despite its low popularity, on-chain variables also put the CAT price estimate in a stronger position than the DOGS.
