IP-powered meme coin Simon’s Cat (CAT coin) received a coveted spot listing on Binance. It became the first cat-themed token to enter the Binance spot platform! Thus, it increased by 50 percent.
CAT coin reaches the top
CAT hit a record high of $0.000067, up from $0.000039 early Tuesday, the data show. Trading volumes increased tenfold from $55 million to more than $500 million. Open interest in the token’s future products nearly doubled to over $60 million, indicating a bullish trend and an increase in anticipation of further volatility. Binance said on Monday that it would offer CAT airdrops to users of its Earn products who staked certain amounts of BNB tokens last week. It will then list 1000CAT on Tuesday at 12:00 p.m. PT.
CAT is the official token of Simon’s Cat, an animated series about a hungry house cat and his adventures, with more than 20 million followers on YouTube, Facebook and Instagram. Comparisons with other cat-themed memecoins such as Popcat, MOG and MEW often place CAT at a low valuation due to spot listings and IP support, among other reasons. The data shows it is the fourth-largest by market capitalization in this category, led by MOG with $1.1 billion as of Tuesday.
Other cat-themed cryptocurrencies in the spotlight
The well-followed @theunipcs, who turned $16,000 into $18 million in a BONK trade, is among CAT’s biggest backers and expects it to become the biggest cat-themed meme token in the coming months. In a post on Monday, the trader wrote
It is highly likely that $POPCAT will morph into $CAT to become the best cat meme coin. It has the best mainstream recognition for a cat meme coin brand, the best unit trend among the big cat memecoins, strong and official IP, 99% of CT is sidelined, so a hated rally is likely.
Meanwhile, other cat-themed meme coins have been rallying around the same time as CAT coin:
IP meme coins to come?
CAT’s spot listing comes as non-IP meme coins are increasingly coming under legal pressure. IP, or intellectual property, includes characters from memes, video games, or any cultural phenomenon that have been officially trademarked or copyrighted before their tokens are made available to the public. Tokens backed by IP have a clearer legal position on usage rights. The creators or owners of IP can legally license the use of their characters or concepts. It also reduces the risk of legal challenges, such as cease-and-desist orders or lawsuits for unauthorized use of copyrighted material, which can suddenly reduce the value of non-IP-backed tokens.
If tokens do not own or secure the rights to the IP they emulate or represent, they begin to expose IP holders to the risk of legal action. Non-IP-backed tokens such as chillguy (CHILLGUY) and pnut (PNUT) face challenges despite being popular and widely traded. As Kriptokoin.com reported yesterday, Mark Longo, the owner of Peanut the Squirrel, which inspired the PNUT token, sent a cease and desist letter to Binance. Thus, PNUT accused Binance of trademark infringement for listing and offering the memecoin.
Binance introduced PENGU as well as CAT coin!
Binance introduced the 4th project on the HODLer Airdrops Portal as Simon’s Cat (1000CAT). Also, the 5th project is Pudgy Penguins (PENGU). Users who subscribe their BNB to Simple Earn products between December 9-12 will receive the airdrop distribution.
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