Simon’s Cat ($CAT) Jumps 20% After $FLOKI Airdrop Completion

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As a seasoned researcher with a penchant for blockchain and cryptocurrencies, I’ve seen my fair share of market fluctuations and token launches. The surge of Simon’s Cat ($CAT) memecoin, reminiscent of a feline’s swift and agile leap, has caught my attention.

In the previous 24 hours, Simon’s Cat ($CAT), the memecoin modeled after the beloved animated series, has seen a 20% jump, now trading at $0.000028. This substantial price rise comes after the completion of its airdrop event for FLOKI token holders on September 11, 2024.

On August 23rd, 2024, the memecoin $CAT made its grand entrance as the first major cat-themed coin on the Binance Smart Chain (BNB Chain), marking a unique milestone. An airdrop, which dispersed 23% of the total $CAT supply to holders of Floki ($FLOKI), was instrumental in causing this surge in price.

Nevertheless, the airdrop encountered some problems. Binance mistakenly employed an incorrect snapshot date (August 24) as opposed to the accurate one (August 29), which caused inconsistencies in token allocation. As a result, certain users received more $CAT tokens than they should have, while others received none at all. To rectify this issue, Binance has temporarily halted $CAT withdrawals.

They’re readjusting the airdrop to retrieve any extra tokens and give them to users who received fewer. Binance aims to sort out this issue by the close of September 11, 2024. Users should anticipate seeing these modifications reflected in their Binance account history.

In spite of some setbacks, the price of CAT has been climbing. On September 9th, the token peaked at $0.0000315 for the day. The daily trading volume amounted to $132 million, and the market cap was $186 million, indicating robust activity in CAT’s trading.

Even though there’s a rise, it’s important to exercise caution since about one-third of the token’s total supply has been set aside for presale investors. This means that if these initial investors choose to sell their tokens, it could cause price fluctuations due to increased supply in the market.

After receiving an airdrop, Simon’s Cat’s value ($CAT) increased by 20%, indicating significant excitement among investors about this fresh memecoin. This substantial rise in price demonstrates how well-thought-out token distribution strategies can fuel value growth.

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2024-09-12 10:45