What to know:
- CAT is the official token of Simon’s Cat, an animated series about a hungry house cat and its adventures, with over 20 million followers.
- Comparisons with other cat-themed memecoins like Popcat, MOG, and MEW often place CAT at a perceived undervaluation.
- CAT’s spot listing comes as non-IP memecoins increasingly see legal heat, putting it at an advantage as a licensed offering.
As a seasoned analyst with over two decades of experience in the dynamic world of digital assets, I’ve seen countless tokens rise and fall, each with their unique characteristics. The recent surge of Simon’s Cat (CAT) token caught my attention, especially considering its impressive 50% jump following its Binance listing.
On Monday, the memecoin associated with IP (Intellectual Property), Simon’s Cat (CAT), experienced a 50% increase in value. This surge was triggered by its unique achievement of securing a prestigious spot on Binance – making it the first cat-themed token to do so. Amidst some meme tokens facing accusations of plagiarism, Simon’s Cat stood out.
On Tuesday’s early Asian hours, the price of CAT soared from 0.000039 to an all-time high of 0.000067, according to data, before it started to retreat. The trading volume experienced a significant increase, climbing tenfold from approximately $55 million to over $500 million.
Interest in the token’s upcoming products experienced a significant surge, reaching approximately $60 million, which indicates an increase in anticipation for potential market turbulence with a positive outlook.
On Monday, Binance announced that it will distribute CAT tokens as rewards to users who staked a certain amount of BNB tokens during the previous week, through their Earn products. The distribution is set for a later time on Tuesday, followed by the listing of 1000CAT (each token representing a thousand smaller units) at 09:00 UTC.
The digital currency known as CAT serves as the official token for Simon’s Cat, a popular cartoon series that follows the daily life and escapades of a ravenous home cat, boasting more than 20 million fans on YouTube, Facebook, and Instagram.
In simpler terms, it’s often thought that the meme coin CAT is undervalued compared to similar cat-themed coins like Popcat, MOG, and MEW. This perception is due to factors such as its inclusion in various market lists and the intellectual property (IP) it holds, among other reasons. Interestingly, despite being perceived as undervalued, CAT actually ranks fourth in terms of market capitalization within this category, with MOG leading at approximately $1.1 billion as of Tuesday.
A well-known trader, known as @theunipcs, who made headlines by turning $16,000 into $18 million through a BONK trade, is one of the leading advocates for CAT. He predicts that in the upcoming months, CAT could emerge as the largest meme token with a cat theme.
The trader predicted on Monday that $CAT could overtake $POPCAT as the leading cat-themed meme coin. He explained that $CAT has the most widespread recognition among cat meme coins, a strong and official intellectual property, and an overwhelming 99% of its total supply is currently held aside. Given these factors, he believes a rally against the general sentiment could occur.
For a while now, it’s been suggested that the CAT token could overtake POPCAT as the leading memecoin, an idea that has often been dismissed by those who prefer holding onto their investments rather than profiting from them. However, you no longer need to rely solely on my opinion…
— Unipcs (aka ‘Bonk Guy’) 🎒 (@theunipcs) December 16, 2024
Are IP memecoins the future?
CAT’s spot listing comes as non-IP memecoins increasingly see legal heat.
Intellectual properties (IP) encompass characters derived from memes, video games, or any culturally significant elements that have been legally trademarked or copyrighted prior to their distribution among the general public.
Tokens supported by Intellectual Property (IP) have a more solid basis in terms of their legal usage rights. This means that the developers or owners of the IP possess the authority to grant licenses for the use of their characters or ideas. Consequently, this helps minimize potential legal issues such as cease and desist notices or lawsuits due to unauthorized utilization of copyrighted content. Such legal disputes can unexpectedly diminish the worth of tokens that lack IP backing.
If tokens mimic or depict intellectual property (IP) without proper ownership or licensing, they could potentially encounter legal problems from the IP’s rightful owners. Notably, non-intellectual property tokens such as ChillGuy (CHILLGUY) and Pnut (PNUT), despite their popularity and active trading, still face obstacles in this regard.
On a Monday, Mark Longo, proprietor of Peanut the Squirrel and the inspiration behind the PNUT token, sent a cease-and-desist notice to Binance, alleging that they had violated trademark laws by listing and trading the PNUT meme coin.
Longo asserted that Binance unauthorizedly utilized his “Peanut the Squirrel” trademark and resemblance, emphasizing that he’s been associated with the PNUT brand for educational purposes and animal welfare projects since the year 2017.
The notice they gave warned about possible lawsuits and fines totaling as much as $150,000 for each violation.
In essence, CAT has been officially endorsed to the well-known Simon’s Cat franchise, making it the primary cat-themed meme token on the Binance Smart Chain. This coin is supported by the company’s intellectual property, which generated a staggering $5.8 billion in earnings last year.
That drives the token’s investment thesis for traders such as @theunipcs.
In essence, he pointed out in his November post that established exchanges like Binance, Coinbase, Upbit, etc., will steer clear of memecoins with intellectual property (IP) issues due to potential legal repercussions. The reason being, these exchanges are recognized entities, and they could face liability for IP infringements. Engaging with such coins would simply create unnecessary complications for them.
The authorized Simon’s Cat platforms are endorsing and plan to keep endorsing the CAT memecoin, a perk that no other meme coin related to cats currently enjoys, as stated previously.
In the world of memecoins, CAT’s IP could prove to be its nine lives.
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2024-12-17 07:36