The memecoin FLOKi is leading today’s crypto market with a rally of +12.8% within the last 24 hours, sharing the highest spot with Artificial Superintelligence Alliance (FET) which is up +12.2%. The worth surge will be several developments and partnerships, most notably involving Binance and the upcoming airdrop of Simon’s Cat (CAT) token.
#1 Binance Supports CAT Airdrop To FLOKI Holders
Probably an important factor fueling today’s 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 the airdrop distribution and has presumably ignited buying pressure from airdrop hunters.
In line with the official Floki blog: “As initially revealed in our official announcement about Simon’s Cat launch on TokenFi, Simon’s Cat has allocated 20% of the overall CAT supply to the Floki community. This strategic move is predicted to reinforce each the visibility and liquidity of FLOKI tokens across platforms.”
Related Reading
The upcoming airdrop involves distributing roughly 315 billion CAT tokens, which constitutes 3.5% of the overall Simon’s Cat token supply. Eligibility for the airdrop requires holders to take care of a minimum of 400,000 FLOKI tokens, with the distribution proportional to the quantity of FLOKI held on the time of the snapshot.
#2 FLOKI DAO Approves CAT Reserve
Further bolstering FLOKI’s market position is the recent decision by the FLOKI DAO to allocate $200,000 USDT from its treasury for investing in Simon’s Cat Token. This move, approved by 97.72% of voting participants, could enhance the intrinsic value of FLOKI. The official statement released by 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 speculate within the CAT token, which will likely be held as a strategic asset. This decision highlights our dedication to community-driven governance and decision-making.”
#3 Market Sentiment And Recent Exchange Listing
The crypto community has also been abuzz with talks of a latest BNB memecoin season, a sentiment that has been supported by FLOKI’s official X account. The team wrote on Wednesday:
Related Reading
“We’re hearing whispers of BNB season again. Here’s a reminder that FLOKI is the largest memecoin on the BNB chain by far! Floki is larger than every other memecoin on the BNB chain COMBINED and is partnered with the BNB chain. We’re excited in regards to the BNB ecosystem and can proceed to actively support it!”
Moreover, major crypto exchange ByBit added the FLOKI / USDC trading pair yesterday. The exchange revealed the listing in response to strong demand, boosting Floki’s liquidity to over 40 MILLION users. “This addition will make it easier for ByBit’s massive user base to buy FLOKI and interact with the FLOKI ecosystem,” the memecoin’s team remarked via X.
#4 Bullish Chart Setup
Technical evaluation from popular crypto analyst CRG (@MacroCRG shows a bullish chart setup for FLOKI. The convergence of fundamental developments and technical indicators suggests a robust upward momentum. CRG stated:
“FLOKI chart looks fkin delicious. Plus, plenty of fundamental tailwinds to ignite momentum: CAT / @SimonsCatMeme launching today (BNB szn loading, FLOKI must be an enormous beneficiary because it’s BNB’s flagship meme). Binance also confirmed to be airdropping an enormous chunk of CAT to FLOKI holders, bullish af. Full send.”
At press time, FLOKI traded at $0.00014303.
FLOKI price, 1-day chart | Source: FLOKIUSDT on TradingView.com
Featured image from X @BlackstarsMKTCR, chart from TradingView.com