By crypto.news | Created at 2024-11-14 16:00:29 | Updated at 2024-11-22 08:21:12
1 week ago
Simon’s Cat token, a top meme coin in the Binance Smart Chain ecosystem, popped to its all-time high after the developers received an investment.
Simon’s Cat (CAT) soared to a record high of $0.000060, pushing its market cap to over $351 million. This rally aligned with the broad performance of cryptocurrencies as the crypto fear and greed index surged.
CAT’s jump followed a series of positive developments in the ecosystem, including a strategic liquidity investment to support its expansion onto other trading platforms. This investment will also enable the developers to launch their own blockchain in the near term.
Simon’s Cat has secured a strategic liquidity investment from @unicornverse_io to support its expansion onto additional trading platforms.
This initiative begins with a forthcoming launch on a new blockchain, with further details to be announced soon. pic.twitter.com/nIwH8lC2Ya
Unicornverse, a major player in the crypto industry, has provided liquidity to other popular assets like Shiba Inu, Baby Doge, Ponke, and Mobox.
Additionally, Simon’s Cat token surged after the developers partnered with several exchanges, including Uphold, BitPanda, and KrakenPro. Most of its trading volume occurred on OKX, KuCoin, and BitMart.
With its trading volume rising, there is a likelihood that it will be listed on Binance, the largest exchange in the industry. Typically, cryptocurrencies perform well shortly after a major exchange listing.
The other potential catalyst for he coin is the recent Donald Trump election in the US, which could introduce friendly regulations. One of the impacts is that American exchanges like Robinhood, Gemini, and Coinbase will be open to listing it.
Simon’s Cat price needs to flip $0.000060
Simon’s Cat chart | Source: crypto.newsThe daily chart reveals that the CAT token price has risen over the last three consecutive days, reaching a record high of $0.000060. It has increased by over 4,200% from its lowest level this year, making it one of the top-performing coins.
It flipped the significant resistance level at $0.000046, its highest point on September 21, and remains above the 25-day moving average.
Most importantly, it has formed a cup and handle pattern, a popular bullish sign, which explains the bullish breakout.
Therefore, the Simon’s Cat price will likely continue rising as long as bulls flip the important resistance level at $0.000060. If this happens, the next point to watch will be at $0.00010, which is a 66.7% increase from the current level. On the flip side, a drop below the key support at $0.000045 will invalidate the bullish view.
