Simon’s Cat (CAT) Price Skyrockets Amid Major Exchanges Backing, Rally To Sustain?

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As a seasoned analyst with years of experience navigating the tumultuous crypto market, I find myself both intrigued and cautiously optimistic about Simon’s Cat’s recent price surge following major exchange listings. The meme coin sector has always been known for its volatility, but when backed by reputable exchanges like Bybit and Phemex, it can indeed be a wild ride.

Recently, the meme cryptocurrency known as Simon’s Cat has experienced a significant surge in price after receiving support from prominent crypto exchanges. In just one week, its value has risen by 45%, and over the past 24 hours, it’s seen an additional 8% increase. This substantial price hike coincides with a more positive overall market atmosphere, as many other tokens are also trending upwards.

Simon’s Cat Jumps Following Major Listings

Leading cryptocurrency exchanges have endorsed the popular token, which has led to an increase in its price. Bybit has recently added support for this token by introducing a new perpetual contract for trading. According to their announcement, traders can now leverage up to 12.5 times with many experts in the field praising this move.

It’s CAT SZN! #1000CATUSDT Perpetual Contract is now Live on #Bybit with @SimonsCatMeme!
Trade with up to 12.5x Leverage.
Trade $1000CAT: #BybitTrading #BybitContracts
— Bybit (@Bybit_Official) September 13, 2024

Support from cryptocurrency exchanges, including listings, positively influences asset prices, primarily due to increased trading volumes. Historically, meme coins have experienced a surge in value following such developments, as the community and holders become more enthusiastic about mainstream adoption. Recently, Phemex, a derivative exchange, added Polygon (POL) and Caterpillar (CAT) to its USDT-margined spot trading pairs, which could potentially boost their popularity and price trajectory among traders.

Hello everyone,

1) Additionally, HTX introduced perpetual futures contracts for Simon’s Cat with 50 times leverage for trades. They mentioned that the asset can alter its parameters based on risk and volatility. Meanwhile, CoinEx Global declared a $4,500 prize pool for top CAT traders. Last week, the asset continued to rise among crypto gainers due to positive market factors.

CAT Price Spikes 

The escalating increase in CAT‘s price is drawing in optimistic investors. This week, the asset experienced a significant jump of 45%, with many experts connecting it to the meme coin craze during Q1, when similar tokens saw comparable growth. As we speak, Simon’s Cat is trading at $0.0000342 and has climbed by 8% over the past 24 hours.

The anticipated cooling down of the increased prices for CAT, similar to other meme coins in the long term, is influenced by broader crypto market trends and potential policy changes affecting inflows into assets. However, investors holding CAT remain optimistic about further growth for the coin. Additionally, on-chain indicators suggest a stronger position for CAT’s price compared to DOGS, despite its relatively lower popularity.

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2024-09-13 20:11