Simon’s Cat ($CAT), the new memecoin inspired by the popular animated series, has surged 20% in the past 24 hours to reach $0.000028. This significant price increase follows the completion of its airdrop event to $FLOKI holders on September 11, 2024.
Originally launched on August 23, 2024, $CAT debuted as the first major cat-themed memecoin on the Binance Smart Chain (BNB Chain). The airdrop, which distributed 20% of the total $CAT supply to Floki ($FLOKI) holders, played a significant role in this price spike.
However, the airdrop was not without issues. Binance initially used an incorrect snapshot date (August 24) instead of the correct date (August 29), leading to discrepancies in token distribution. Some users received excess $CAT tokens while others received none. Binance suspended $CAT withdrawals to correct this issue.
They reprocessed the airdrop to recover excess tokens and distribute them to users who received less. Users can expect to see these adjustments reflected in their Binance records.
Despite these hiccups, the price of $CAT has been on the rise. On September 9, the token reached a daily high of $0.0000315. With a 24-hour trading volume of $132 million and a market cap of $186 million, $CAT’s trading activity is strong.
Investors should still be cautious as 30% of the token’s supply is reserved for presale investors, which could lead to price volatility if these early holders decide to sell.
Also Read: Floki Inu Approves $200K for Simon’s Cat Token Investment
