The memecoin FLOKi leads the current crypto market with a +12.8% rally in the last 24 hours and shares the top spot with the Artificial Superintelligence Alliance (FET), which is up +12.2%. The price increase could be several developments and partnerships, especially regarding Binance and the upcoming airdrop of Simon’s Cat (CAT) token.
#1 Binance supports CAT Airdrop for FLOKI holders
Probably the most important factor fueling the current FLOKI price rally is the announcement that Binance, the leading global crypto exchange, will support the airdrop for Simon’s Cat (CAT). The exchange’s decision to take a snapshot on August 29, 2024 is crucial for airdrop distribution and is likely to have fueled buying pressure from airdrop hunters.
According to the official Floki blog: “As initially revealed in our official announcement about the launch of Simon’s Cat on TokenFi, Simon’s Cat has allocated 20% of the total CAT supply to the Floki community. This strategic move is expected to improve both the visibility and liquidity of FLOKI tokens across platforms.”
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The upcoming airdrop will involve the distribution of approximately 315 billion CAT tokens, which makes up 3.5% of the total Simon’s Cat token supply. To qualify for the airdrop, holders must hold a minimum of 400,000 FLOKI tokens, with the distribution being proportional to the amount of FLOKI held at the time of the snapshot.
#2 FLOKI DAO approves CAT reserve
Further strengthening FLOKI’s market position is the FLOKI DAO’s recent decision to allocate $200,000 USDT from its treasury for investments in Simon’s Cat Token. This move, approved by 97.72% of voting participants, could increase FLOKI’s intrinsic value. The official statement from the FLOKI DAO emphasized:
“After a decisive vote by the FLOKI DAO, with 97.72% approval, Floki will allocate $200,000 USDT from the Floki Treasury to invest in the CAT token, which will be held as a strategic asset. This decision underlines our commitment to community-driven governance and decision-making.”
#3 Market sentiment and new stock exchange listing
The crypto community is also abuzz with talk of a new BNB memecoin season, a sentiment supported by FLOKI’s official X account. The team wrote on Wednesday:
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“We’re hearing rumors about the BNB season again. Here’s a reminder that FLOKI is by far the largest memecoin in the BNB chain! Floki is bigger than any other memecoin in the BNB chain COMBINED and works together with the BNB chain. We are excited about the BNB ecosystem and will continue to actively support it!”
In addition, there is the major crypto exchange ByBit added the FLOKI/USDC trading pair yesterday. The exchange unveiled the listing in response to strong demand, increasing Floki’s liquidity to over 40 MILLION users. “This addition will make it easier for ByBit’s massive user base to purchase FLOKI and interact with the FLOKI ecosystem,” the memecoin’s team noted via X.
#4 Bullish chart setup
Technical analysis from popular crypto analyst CRG (@MacroCRG shows a bullish chart for FLOKI. The convergence of fundamental developments and technical indicators indicates strong upward momentum. CRG declared:
“The FLOKI card looks delicious. Plus plenty of fundamental tailwinds to fuel momentum: CAT / @SimonsCatMeme launches today (BNB szn loading, FLOKI should be a big beneficiary as it’s BNB’s flagship meme). Binance also confirmed that it is sending a large chunk of CAT to FLOKI holders, bullishly off. Fully shipped.”
At the time of writing, FLOKI was trading at $0.00014303.
Featured image of X @BlackstarsMKTCR, chart from TradingView.com
