CASHCAT rallies 11%: Will bullish bets push the memecoin towards $0.12?

The Cash Cat [CASHCAT] memecoin recorded one of the notable rebounds on the 3rd of November, at a time when the broader crypto market remained in a somewhat neutral but bullish phase, with market capitalization hitting $2.61 trillion. The asset is up 11% in the past 24 hours, driven by growing interest in the perpetual market and broader capital flows, which suggest memecoin traders may be preparing for another mini-rally. However, the path towards a rally is not a clear one, as obstacles still lie ahead. Why Cash Cat is rallying The surge in Cash Cat's price has perpetual traders at its center. CoinGlass showed that the Funding Rate surged significantly, reaching a high of 0.0432% as of November 4, indicating that traders are opening more long positions than shorts.

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