IP-backed memecoin Simon’s Cat (CAT) surged 50% Monday after changing into the primary cat-themed token to get a coveted Binance spot itemizing — amid some meme tokens taking the plagiarism warmth.
CAT zoomed from $0.000039 to a file peak of $0.000067 in early Asian hours Tuesday, knowledge reveals, earlier than paring good points. Buying and selling volumes rose tenfold from $55 million to over $500 million.
Open curiosity within the token’s future merchandise almost doubled to over $60 million, exhibiting a bump in expectations of additional volatility with a bullish bias.
Binance mentioned Monday it could provide airdrops of CAT to customers of their Earn merchandise who staked particular quantities of BNB tokens final week. It will then listing 1000CAT (the place a single token holds a thousand CAT) at 09:00 UTC in a while Tuesday.
CAT is the official token of Simon’s Cat, an animated collection a couple of hungry home cat and its adventures, with over 20 million followers throughout YouTube, Fb, and Instagram.
Comparisons with different cat-themed memecoins like Popcat, MOG, and MEW usually place CAT at a perceived undervaluation on account of its spot listings and IP backing, amongst different causes. Knowledge reveals it’s the fourth-largest by market cap in that class, one which’s led by MOG at $1.1 billion as of Tuesday.
Effectively-followed dealer @theunipcs — who famously turned $16,000 to $18 million on a BONK commerce — is among the many most vocal supporters of CAT and expects it to develop into the most important cat-themed meme token within the coming months.
“A $CAT flippening of $POPCAT to develop into the highest cat memecoin is extremely doubtless,” the dealer mentioned in a Monday put up. “(It has) one of the best mainstream recognition for a cat memecoin model, one of the best unit bias amongst main cat memecoins, robust and official IP, 99% of CT is sidelined, so a hated rally is probably going”
one voice has persistently informed you for months {that a} $CAT flippening of $POPCAT to develop into the highest cat memecoin is extremely doubtless
and that voice has persistently been shut down by individuals who would relatively marry their baggage than earn money
however you do not have to take heed to me anymore… https://t.co/CxCaTNTuMQ pic.twitter.com/aBYI95WUsh
— Unipcs (aka ‘Bonk Man’) 🎒 (@theunipcs) December 16, 2024
Are IP memecoins the long run?
CAT’s spot itemizing comes as non-IP memecoins more and more see authorized warmth.
IP, or mental property, can embrace characters from memes, video video games, or any cultural phenomenon which have formally been trademarked or copyrighted earlier than their tokens have been supplied to the general public.
Tokens backed by IP have a clearer authorized standing relating to utilization rights. The creators or house owners of the IP can legally license using their characters or ideas, lowering the chance of authorized challenges like stop and desist orders or lawsuits for unauthorized use of copyrighted materials, which might abruptly devalue non-IP-backed tokens.
Tokens are beginning to face the chance of authorized motion from IP holders if they don’t personal or securing rights to the IP they emulate or characterize. Non-IP tokens like chillguy (CHILLGUY) and pnut (PNUT) face challenges regardless of being well-liked and extensively traded.
On Monday, Mark Longo, the proprietor of Peanut the Squirrel which impressed the PNUT token, issued a cease-and-desist letter to Binance, accusing it of trademark infringement for itemizing and providing the PNUT memecoin.
Longo claimed Binance used his “Peanut the Squirrel” trademark and mascot likeness with out permission, noting he has been utilizing the PNUT model for instructional and animal welfare initiatives since 2017.
The cease-and-desist warning of potential authorized motion and sought penalties of as much as $150,000 per infringement. PNUT’s costs are down 5% previously 24 hours, consistent with a broader market lull.
As such, CAT is formally licensed to the mainstream Simon’s Cat model and is the primary main cat memecoin on the BNB Chain, backed by the corporate’s IP which earned $5.8 billion in income final yr.
That drives the token’s funding thesis for merchants equivalent to @theunipcs.
“The fact is that T1 CEXs (Binance/Coinbase/Upbit/and so on) and main entitites won’t contact memecoins with IP points with a ten-foot pole,” he famous in a November put up. “As a result of whereas the memecoin is probably going decentralized and launched by an anon, these CEXs are actual entities that may very well be held responsible for IP violations and it is simply not definitely worth the drama for them.”
“Official Simon’s Cat channels have promoted and can proceed to advertise the $CAT memecoin. This is a bonus no different cat memecoin within the house has proper now,” he added on the time.
On the planet of memecoins, CAT’s IP may show to be its 9 lives.
