As the market for cryptocurrencies is constantly expanding, a new player has emerged in form of a cat-themed token. The Simon’s Cat (CAT) based on the famous animated show has been one of the biggest trending cryptocurrencies among the community and fans of the cartoon character.
Currently trading at $0. 000022, Simon’s Cat is the best example of a brand that can adapt to the conditions of a highly unstable market. The token has had a very minimal rise of 1. 0 percent during the last hour and 0. 8% in the last one day period as compared to the previous day.
More impressively, it has registered a 2. It has risen by 9% in the last one week, a movement that is in contrast with many other cryptocurrencies that are normally characterized by a decline in the same period.
The reasons for success of Simon’s Cat in the crypto space can be explained in the following manner. First, the token has an advantage of being associated with a strong brand name, which is widely known. The Simon’s Cat animated series is produced by the British animator Simon Tofield, and since its inception in 2008, has a large fan base that will give the cryptocurrency added exposure and brand awareness.
Moreover, the time when Simon’s Cat has decided to enter the crypto market corresponds to a new wave of popularity in meme coins and tokens connected with pop culture. This has been set in motion by the emergence of Dogecoin and has made it possible for other themed cryptocurrencies to emerge into the market.
Nonetheless, investors should be wary of Simon’s Cat. For the token, its current performance has been quite good, however, the price per each unit shows that it is still in one of the earliest stages of growth and utilization. Such cryptocurrencies at the given price level are highly susceptible to fluctuations in prices and are often associated with pump-and-dump scams.
It can be concluded that Simon’s Cat as a cryptocurrency can only be successful in the long term if the creators manage to establish the product as more than just a cute Internet meme.
Most themed tokens fail to maintain a stable price once the hype around the theme is over. The heads of the Simon’s Cat project will need to define a clear vision of its further development and show how the token will be useful in terms of the existing cryptocurrency environment.
If you are going to invest in any of the crypto projects then it is crucial to do your homework and due diligence. Thus, although Simon’s Cat could provide great opportunities to earn high revenues it is also possible to experience great losses. While investing in such assets, the investors should be prepared to lose all the invested amount, and thus invest only the money they are willing to lose.
The emergence of Simon’s Cat also prompts very important considerations regarding the correlation between IP protection and cryptocurrencies. The problems associated with licensing, royalties and application of the already existing IPs in the network may emerge as more tokens associated with brands come to the market.
In conclusion, it can be stated that Simon’s Cat has managed to jump onto the crypto bandwagon and its longevity is still questionable. Thus, based on the token’s popularity, it will be exciting to observe its further evolution and whether it will be possible to turn it into a really valuable cryptocurrency.
