Floki Inu (FLOKI) Rallies 12.8% Today, Mimics Stargirl (STG) Airdrop-Fueled Surge

The memecoin FLOKi is leading today's crypto market with a rally of +12.8% in the last 24 hours, sharing the top spot with Artificial Superintelligence

Memecoin FLOKI (FLOKI) led the crypto market on Thursday with a rally of over 12% in the last 24 hours, sharing the top spot with Artificial Superintelligence Alliance (FET) which was up over 12%.

The price surge comes as several developments unfolded, including Binance supporting the CAT airdrop for FLOKI holders and the FLOKI DAO approving an investment in the CAT reserve. Here's a closer look at the factors impacting FLOKI's price rally.

Binance Supports CAT Airdrop To FLOKI Holders

Among the key factors driving today's FLOKI price rally is the announcement that Binance, the leading global crypto exchange, will be supporting 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 likely spurred buying interest from airdrop enthusiasts.

As mentioned in an earlier report by Blockware Solutions, the airdrop will involve distributing approximately 315 billion CAT tokens, which constitutes 3.5% of the total Simon's Cat token supply. To be eligible for the airdrop, holders must maintain a minimum of 400,000 FLOKI tokens, and the distribution will be proportional to the amount of FLOKI held at the time of the snapshot.

According to the Floki blog, “As initially revealed in our official announcement about Simon’s Cat launch on TokenFi, Simon’s Cat has allocated 20% of the total CAT supply to the Floki community. This strategic move is expected to enhance both the visibility and liquidity of FLOKI tokens across platforms.”

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 the 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 highlighted, “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 highlights our dedication to community-driven governance and decision-making.”

Market Sentiment And New Exchange Listing

The crypto community has also been abuzz with talks of a new BNB memecoin season, a sentiment that has been supported by FLOKI's official X account. The team wrote on Wednesday, “We’re hearing whispers of BNB season again. Here's a reminder that FLOKI is the biggest memecoin on the BNB chain by far! Floki is bigger than every other memecoin on the BNB chain COMBINED and is partnered with the BNB chain. We're excited about the BNB ecosystem and will continue 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 purchase FLOKI and interact with the FLOKI ecosystem,” the memecoin's team noted via X.

Bullish Chart Setup

Technical analysis from popular crypto analyst CRG (@MacroCRG) shows a bullish chart setup for FLOKI, with strong upward momentum converging with fundamental developments. CRG noted, “FLOKI chart looks fkin delicious. Plus, lots of fundamental tailwinds to ignite momentum: CAT / @SimonsCatMeme launching today (BNB szn loading, FLOKI should be a huge beneficiary as it's BNB's flagship meme). Binance also confirmed to be airdropping a big chunk of CAT to FLOKI holders, bullish af. Full send.”

At press time, FLOKI was trading at $0.00014303, up 12.8% in the last 24 hours and up over 18% in the past week.

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