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Floki DAO Invests in New Meme Coin as Binance Extends Airdrop Support

2 mins
Updated by Harsh Notariya
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In Brief

  • Floki DAO invests $200,000 in CAT token, tied to “Simon’s Cat” series, highlighting a push into meme coins.
  • Binance supports CAT airdrop, boosting Floki’s market value by 20% this week, enhancing token holder benefits.
  • 900 billion CAT tokens will be airdropped to Floki holders with at least 400,000 tokens in their Binance accounts.
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Floki has announced a substantial investment in the new CAT token, derived from the famous animated series “Simon’s Cat.” This decision by Floki’s decentralized autonomous organization (DAO) to allocate $200,000 USDT from its treasury to purchase CAT tokens marks a strategic foray into entertainment-themed meme coins.

“Simon’s Cat,” is an animated show known for its humorous depiction of a mischievous cat and his owner. Through the meme coin launch, the brand might be aiming to explore blockchain technology for broader engagement and monetization.

Simon’s Cat (CAT) Airdrop in Binance

After an approval process, an overwhelming 97.72% of votes within the Floki DAO supported this initiative. Consequently, the Floki DAO will hold CAT tokens as strategic assets in its treasury. Indeed, this investment highlights Floki’s attempt to integrate popular culture into its growth strategy.

Coinciding with this investment, Binance extended its support for the CAT token airdrop, targeting Floki holders on its platform. This support has significantly boosted the Floki token’s market performance, with its value increasing nearly 20% this week.

Read more: Best Upcoming Airdrops in 2024

Floki Price Performance
Floki Price Performance. Source: TradingView

Additionally, these collaborations aim to enhance liquidity and offer additional value to Floki token holders, who will receive CAT tokens directly in their Binance accounts.

Binance will support the distribution of 900 billion CAT tokens to qualified Floki holders based on their holdings. To qualify, users must hold at least 400,000 Floki tokens in their Binance accounts, equating to about $50 at current prices.

“Binance will conduct the airdrop based on a snapshot to be taken on 29 Aug 2024 at 23:59:59 UTC,” Floki announced.

The distribution ratio will depend on the total number of qualifying Floki tokens held on Binance at the snapshot time, ensuring a fair and proportional allocation of CAT tokens to participants.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Furthermore, Floki’s strategic investment in the CAT token showcases the strong synergy between crypto projects and entertainment brands. Such collaborations are likely to set a trend for future partnerships between digital assets and mainstream entertainment companies.

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Harsh Notariya
Harsh Notariya is an Editorial Standards Lead at BeInCrypto, who also writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created...
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