Here’s why Simon’s Cat meme coin formed a God candle

BNB Smart Chain’s fast-growing meme coin, Simon’s Cat, formed a God candle and rose to its highest level since October 1.

Simon’s Cat (CAT) rose to $0.000037, which is 70% higher than this month’s low. It has increased by 2,230% since its launch in August, bringing its market value to $224 million.

The token took off after being listed by Binance Futures, gaining access to millions of customers worldwide.

Before Binance was listed, CAT perpetual futures were offered by companies such as Bybit, OKX, Gate.io, and MEXC. According to Coinglass, futures open interest has risen to a record level of $6.6 million, and this figure is expected to increase further with the inclusion of Binance.

Simon’s Cat also benefited from a partnership with MemeFi, a leading gaming platform with over 50 million users on Telegram. This partnership could lead to the creation of a new game that provides additional utility to the token.

As fear of missing the trend grew, the token’s rally attracted more investors. Data shows the number of CAT holders increased from 224,000 on 21 October to over 231,000. The top ten owners own 56% of the total supply.

This rebound has helped BNB Chain become the fourth-largest decentralized exchange player by volume this month, with $16.2 billion in monthly volume, most of it on PancakeSwap.

Other meme coins were among the best-performing cryptocurrencies, with Popcat (POPCAT), Fwog, and Cat in a dogs world (MEW) gaining double-digit gains.

Simon’s Cat has formed a double-bottom CAT token chart | Source: TradingView

CAT token formed a double-bottom pattern at $0.000023, which is bullish. This led to the formation of a God candle, a sudden bullish candlestick, pushing the price above the double-bottom neckline at $0.00003237, the reversal high on October 15.

While the token has moved above the 50-period moving average, the MACD indicator has broken above the zero line. Additionally, Woodie retested the second resistance of the pivot point and the key level of $0.000034, the October 7 high.

Therefore, CAT’s price may pull back as momentum in the Binance listing fades. In such a case, it could pull back to retest the initial Woodie resistance point at $0.000030 before resuming the uptrend. In the future, it could rise to a new all-time high of $0.000046, approximately 32% above the current level.