A crypto whale was spotted on Monday accumulating large amounts of Simon’s Cat (CAT) tokens following the listing of the cat-themed meme coin on Binance today. The development was first reported by the blockchain analytics platform On-Chain Lens on the X platform on December 16.
According to the on-chain metrics tracker, the whale withdrew 3,506 BNB tokens worth $2.46 million from Binance and bought 37.94 CAT tokens worth $2.24 million.
The trading activity shows that Simon’s Cat is the latest sensation gaining attention in the crypto market. As the crypto market’s bullishness remains resilient, the meme coin is rising in prominence and attracting investors.
Binance listed CAT
The listing validates Simon’s Cat’s potential. Since the start of the year, the meme coin sector has captured huge numbers of crypto users’ attention. Due to this popularity, a strong demand for crypto coins that represent internet memes emerged. The increasing demand is associated with the ability to generate profits, which explains why memecoins, including Simon’s Cat, are garnering user interest.
This demand heightened significantly when Binance listed CAT for trading on Monday. The meme coin skyrocketed its value tremendously after its listing on the exchange. Binance said the addition is part of efforts to broaden alternative alternatives on its platform and improve trading experience.
As a result of the listing, CAT reached a new ATH of $0.00006562 on December 16. The meme coin is currently up 56.7% in the last 24 hours. Its price rose 18.1% in the last seven days, meaning that it is outperforming the global digital asset market, which is up 6.90% currently. In the last 30 days, the crypto soared 13.4%, demonstrating its impressive performance.
Simon’s Cat’s trading volume increased by 579.23% to $335.63 million, signaling a recent surge in market activity. Normally, crypto tokens perform well after listing on major exchanges.
Why Simon’s Cat is gaining popularity
Last month, Simon’s cat token, a meme coin built on top of the Binance Smart Chain, reached its previous ATH of $0.000060 after its developers obtained a strategic investment to enable the token’s integration into other trading platforms. CAT acquired an investment from multiple exchanges, including Kraken, Bitpanda, and Uphold, to enable its developers to roll out its blockchain in the near future.
Another factor that led to the excellent performance of Simon’s cat token and other meme coins is the election of Donald Trump as the US president. Trump’s friendliness to the crypto industry contributed to the resurgence of digital asset markets, including meme coins like Simon’s cat. One of the impacts of this political and regulatory development is that US exchanges like Coinbase, Gemini, Robinhood, and others are now more open to listing more crypto tokens.
The ongoing bullish market positively affected the investor’s sentiments and trading activities. This explains why there is robust buying pressure on various cryptocurrencies, including CAT, which pushes higher due to increasing user interest.
Simon’s Cat is the fourth largest Cat-themed meme coin according to market capitalization, which reflects its demand in the market. While savvy investors focus on dominant tokens like BTC, ETH, etc., they are also keen on accumulating altcoins with the potential to offer high-return opportunities. CAT’s latest surge signals the rising investor demand following its listing on Binance.
