- FLOKI trading volume jumps 115% after Binance’s support for Simon’s Cat airdrop.
Users need to hold $50 of FLOKI on Binance to qualify for Simon’s Cat token airdrop.
As a seasoned researcher with years of experience in the ever-evolving cryptocurrency market, I find myself intrigued by this recent development between Floki [FLOKI] and Simon’s Cat [CAT]. The prospect of a meme coin airdrop on Binance, particularly when it comes to community rewards, is always an exciting event.
In simpler terms, Floki (FLOKI) has shared news that Binance is planning to distribute the Simon’s Cat token (CAT) as a free gift to users who hold Floki tokens within their Binance account.
As someone who has been closely following the cryptocurrency market for several years now, I am excited about the latest move by the Floki project. Having seen numerous projects come and go, it’s refreshing to see one that is prioritizing its community while also introducing a new meme coin, Simon’s Cat, to the market. This approach not only aligns with my belief in the power of community-driven projects but also offers an opportunity to invest in a fun and relatable concept. I have always admired the creative work of Simon’s Cat, so I am eager to see how this meme coin performs. It’s clear that the team behind Floki has a keen understanding of the market and is taking strategic steps to make their project successful. This move is a testament to their commitment to their community and I believe it will set them apart in the crowded crypto landscape. I am looking forward to watching this development unfold and seeing how it impacts the market and the Floki community.
Based on the announcement made on their blog on August 20th, the distribution of the airdrop is scheduled to occur using a snapshot of Binance’s records taken on August 29th, precisely at 11:59:59 PM (Coordinated Universal Time).
Users with FLOKI in their Binance wallets during the specified snapshot event are automatically entitled to receive CAT tokens, with the quantity of tokens received being proportionate to the individual’s FLOKI holdings. No need to transfer your holdings off the platform for this distribution.
Hold $50 FLOKI, get free CAT tokens
As an analyst, I’d like to clarify that in order to be eligible for the airdrop, you must possess at least 400,000 FLOKI tokens on Binance. Given the current market rates, this amounts to roughly $50 worth of tokens.
At the specified moment, Binance will take a count of all FLOKI holdings and then send out CAT tokens to those accounts that qualify.
As a researcher delving into the details of this captivating event, I’m excited to share that the overall token allocation for the airdrop amounts to an impressive 900 billion CAT tokens. It’s crucial to note that this distribution corresponds to an unprecedented 20% of Simon’s Cat’s total supply, which has been meticulously set aside exclusively for the vibrant Floki community.
Individuals satisfying the given conditions will get an equal number of CAT tokens according to their Floki token holdings. The distribution process is automated, so there’s no requirement for further actions on the users’ part.
Simon’s Cat and project partnerships
A fresh meme coin, named Simon’s Cat, is making its debut on the BNB Chain, and it boasts a massive total supply of 9 trillion tokens. During its pre-launch phase, this project successfully garnered $4.25 million by providing 17% of its entire token supply to early supporters.
The collaboration among Floki, Simon’s Cat, and DWF Labs aims to broaden the influence of each project in the cryptocurrency community.
Apart from the airdrop to FLOKI holders, there are other methods being utilized for distributing Simon’s Cat tokens. This event will also reward Floki Trading Bot users and various individuals within the wider cryptocurrency community on numerous leading centralized exchanges.
FLOKI soars after the announcement
After Binance declared its backing for the Simon’s Cat airdrop, there was a significant market reaction towards FLOKI. Consequently, the value of FLOKI increased approximately 7%, as investors swiftly bought tokens in anticipation of the August 29 snapshot.
Currently, as I’m typing this, FLOKI is being traded at approximately 0.00012373 dollars. The market capitalization of FLOKI has climbed up to about 1.19 billion dollars, indicating a growth of around 3.84%.
Additionally, trading volume surged by 115.87%, reaching $282 million in the last 24 hours.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
As an analyst, I’ve observed a noticeable decrease in meme coin activity on networks such as Solana and Binance Smart Chain over the past few months. Previously, the frenzy around meme coins had significantly boosted trading volumes on these platforms. However, recent trends suggest a shift in focus or interest among traders.
Speaking from my personal experience as a crypto investor, after an initial surge in activity due to the launch of meme coins, Solana saw a dip in trading volume.
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2024-08-21 17:12