Newcomer Simon’s Cat ($CAT) is trading against the grain of other market leading kitten-themed meme coins, which are rallying today.
In the last 24 hours, Simon’s Cat has fallen 6% and currently trades at $0.00002558.
These losses are steeper than those posted by original meme coin Dogecoin ($DOGE), which dropped 3% overnight.
Doge-themed coins in general are down today, with Floki ($FLOKI) dropping 6% while Shiba Inu ($SHIB) fell 4.4%.
Only one of the 6 billion-dollar canine cryptocurrencies retained any value: DogWifHat ($WIF), which posted nominal overnight gains of 0.5% to trade at $2.56.
Cat coins have the advantage today, in spite of the fact that the combined meme coin market actually contracted 0.6% overnight to post a capitalization of $58.3 billion.
Popcat ($POPCAT) is surging 7%, while cat in a dogs world ($MEW) rallied 49% in the last seven days and MogCoin ($MOG) surged 39%.
Will Simon’s Cat Recover?
Unlike typical meme coins, which are usually unofficial homages to their underlying source material, Simon’s Cat is actually the official meme coin of the eponymous animation, and claims to be backed by full IP rights from the original brand.
However, its launch has not been as explosive as other recent meme coins like Moo Deng and Neiro.
According to the charts, Simon’s Cat rose from launch to set an all-time high of $0.00004624 on September 21 before pulling back 44.5% to its current price.
A rising relative strength index (RSI) of 46 indicates the token will head off any further losses in the short-term, but the token is bouncing close to its $0.000025.
Losing this range will likely reduce the token’s overall support.
Simon’s Cat Is A Star, But Is It a Crypto All-Star?
Simon’s Cat is the perfect example of the typical meme coin story: become a household name with a meme-friendly avatar, like Doge or Pepe, and chances are someone will launch a blockchain token in homage.
Nowadays, the industry is reevaluating the role of meme coins.
While their inherent voltility is what drives people to them, they’re now finding innovative ways to create value for their owners over in the world of presales, several tokens are offering unique and potentially explosive value propositions for meme coin fans.
For instance, if Simon’s Cat becomes a market-leading meme coin, it could well be integrated with a new project called Crypto All-Stars ($STARS).
Crypto All-Stars is a unified staking protocol that brings together the most celebrated meme coins in one place to earn serious rewards.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them in the MemeVault and earn passive income in the form of $STARS with a rewards rate currently set at 613%.
The team will integrate more meme coins later.
The project has gained so much popularity that its presale has already raised over $2.4 million.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Stars Presale Website Here
The post ‘Simon’s Cat’ Dips As Cat Coins Rally – Is It Too Late to Join? appeared first on Cryptonews.
