The licensed memecoin CAT from Simon's Cat is set to launch on the Solana blockchain, aiming to engage with a vibrant community interested in memecoins. This decision was made to broaden CAT's reach and leverage the fast and affordable transactions on Solana, known for its appeal among traders.
CAT's Launch on Solana
In a strategic move to broaden its reach, CAT is offering early access to holders of the Solana-based BONK token, a canine-themed memecoin established in late 2022. This opportunity is reserved for those who locked up their tokens for 12 months, granting them access to $100,000 worth of CAT at a favorable rate before its market debut.
Advantages and Support of Solana
Solana has developed a reputation as a thriving hub for memecoins, regularly experiencing surges in token issuances and trading volumes. The platform collected $3.2 million in fees over a single day in March, significantly surpassing its previous record. A representative of Simon’s Cat noted that Solana offers a fast and affordable network popular among retail traders and memecoin enthusiasts, enhancing exchange possibilities and liquidity.
Market Reaction and Future of CAT
The market response has been favorable, with CAT surging 11% in the last 24 hours, almost doubling over the past fortnight amidst a broader memecoin rally. Launched in August with backing from Floki, BNB Chain, and DWF Labs, CAT is officially associated with the popular Simon's Cat brand, being the first feline-themed memecoin on the BNB Chain.
The rising activity on Solana and positive market response to CAT underline the significance of choosing Solana for expanding the memecoin's opportunities. The project team is considering further developments in their roadmap.
