Simon’s Cat (CAT), one of the high-profile meme tokens, gained an OKX listing. The trading in the CAT/USDT pair started ahead of the weekend.
Simon’s Cat (CAT) gained another top-tier exchange listing, after launching its CAT/USDT pair on OKX. The meme, based on a web cartoon and animation of a long-running brand, is gaining mainstream traction, while competing with other cat-themed tokens.
In the days before the listing, CAT performed a 100% rally, rising from $0.00002 to $0.00004 following the launch of Binance perpetual futures. Traders now expect CAT to extend the rally, tapping the new liquidity inflows. CAT is now close to its yearly highs, with a big shift in trading volumes.
The recent OKX listing comes just days after Binance opened a futures market for CAT, which still allows traders to bet on its price moves, but without a dedicated spot market. The futures market carries more than $17M in open interest during the new price discovery stage for CAT.
Before the OKX listing came into effect, more than 51% of CAT volumes were locked on Gate.IO. For now, CAT has no explicit expectation of a Binance listing, though there are rumors of an upcoming spot market. Binance broke its pattern of listings with NEIRO, when it introduced two different versions of the token on the perpetual futures and spot market.
CAT breaks into top 5 of cat-themed tokens
As meme tokens go, CAT is rather tame, starting out at $0.000013 and only achieving 400% gains. The token builds on the Internet fame of Simon’s Cat, hoping to create a community of true believers in the crypto market as well.
CAT remains a more conservative asset, with a total capitalization of $228M, far behind other hot tokens. However, the asset has more mainstream listings and lower volatility compared to other meme types. CAT also joins the list of cat-themed memes, which turned into an investment class of its own in 2024.
The OKX listing helped CAT flip Michi (MICHI) with almost double the market capitalization, despite the cult status of MICHI. CAT, which has the clearest ticker, still has to compete with MogCoin (MOG), Cat in a Dogs World (MEW), and the leader, Popcat (POPCAT).
With the new listing, cat meme tokens broke above $4B in total valuation, with $1.4B coming from POPCAT.
Simon’s Cat taps Binance Smart Chain for mass adoption
CAT is one of the rare prominent memes on Binance Smart Chain (BSC) in an era where most hot tokens chose either Ethereum or Solana. CAT accrued 232,258 holders, hoping for wider adoption, ahead of MEW with 177K wallets.
Even MOG, with its cult status and insider memes, has a little above 35K users. CAT is also far ahead of FLOKI, a token with 81K holders, which has been growing its network for years. The Floki Inu community is not in competition with CAT, but actually supports the project.
The fundamentals for CAT suggest the token may rally to a higher range, especially after establishing higher daily trading volumes. CAT also has to compete with other meme trends, including AI tokens and the rush to support SPX6900 (SPX). However, the asset and its related content already have significant brand adoption and may remain a staple for the long run. Simon’s Cat reached an estimated 20M supporters, far exceeding crypto investors or traders of the token.
Simon’s Cat is also a widely distributed project, with no signs of wallet clusters. Wintermute holds 0.67% of the supply and is sometimes active as a market-maker. However, the token will change its trading profile as some of the supply shifts to centralized exchanges.
Soon after the Binance futures market, Simon’s Cat account also followed Wintermute and Revolut. The CAT token may have enough mainstream appeal to be added to Revolut and tap a wider crypto investment market. With an extremely low price, CAT may spread even without a big upfront investment, as a fun token similar to Dogecoin (DOGE).
Despite not having a Binance spot trading pair, CAT is still held in the Binance 8 wallet, controlling 5.36% of the supply. About a month ago, Binance also placed CAT in its Hot Wallet 20, sparking speculations of an imminent spot listing. Binance does not guarantee a listing even after launching a futures market.
