FLOKI gets ready for Simon’s Cat: What investors need to know!

• 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.

Floki [FLOKI] has announced that Binance will support an airdrop of the Simon’s Cat [CAT] token for users holding FLOKI on the exchange.

This development is part of a larger push by the Floki project to reward its community while introducing a new meme coin, Simon’s Cat, to the market. 

According to an official blog post published on 20th August, the airdrop will be distributed based on a snapshot taken by Binance on August 29 at 23:59:59 UTC.

Binance users holding FLOKI at the time of the snapshot will automatically receive CAT tokens without needing to move their holdings off the platform. The exact number of tokens received will depend on the amount of FLOKI held by each user.

Hold $50 FLOKI, get free CAT tokens

The airdrop requires participants to hold a minimum of 400,000 FLOKI on Binance to qualify. At current market rates, this equates to approximately $50 worth of tokens. 

Binance will conduct a snapshot of FLOKI balances at the designated time and distribute CAT tokens directly to eligible accounts.

The total airdrop pool for this event includes 900 billion CAT tokens. This distribution represents 20% of Simon’s Cat’s total supply allocated specifically to the Floki community. 

Users who meet the requirements will receive CAT tokens at a 1:1 ratio based on their FLOKI holdings. For those who meet the criteria, the distribution will be automatic, eliminating the need for additional steps by the user.

Simon’s Cat and project partnerships

Simon’s Cat is a new meme coin launching on the BNB Chain with a total supply of 9 trillion tokens. The project raised $4.25 million during its presale by offering 17% of its total token supply to early buyers. 

The partnership between Floki and Simon’s Cat, along with the involvement of DWF Labs, is designed to expand both projects’ reach within the crypto ecosystem.

The airdrop for FLOKI holders is not the only avenue through which Simon’s Cat tokens will be distributed. The event will also benefit Floki Trading Bot users and members of the crypto community across several top centralized exchanges.

FLOKI soars after the announcement

Following Binance’s announcement of support for the Simon’s Cat airdrop, FLOKI experienced a strong market response. The price of FLOKI surged nearly 7% as traders moved quickly to acquire tokens ahead of the August 29 snapshot.

At the time of writing, FLOKI was trading at $0.00012373. Its market cap rose to $1.19 billion, reflecting a 3.84% increase.

Additionally, trading volume surged by 115.87%, reaching $282 million in the last 24 hours.

Source: TradingView

Realistic or not, here’s FLOKI’s market cap in BTC’s terms

While the popularity of meme coins has contributed to trading volumes on networks like Solana and Base, recent months have seen a decline in meme coin activity on these platforms. 

Solana, for instance, experienced a drop in volume following an initial surge driven by meme coin launches.