Memecoin FLOKi is leading the crypto market today, up +12.8% in the last 24 hours, sharing first place with Artificial Superintelligence Alliance (FET), which is up +12.2%. The price enhance could be due to several events and partnerships, the most notable of which is Binance’s participation and the upcoming Simon’s Cat (CAT) token airdrop.

#1 Binance Supports CAT Airdrop for FLOKI Holders

Probably the most crucial factor driving today’s price enhance for FLOKI is announcement that Binance, a leading global cryptocurrency exchange, will support an airdrop for Simon’s Cat (CAT). The exchange’s decision to take a snapshot on August 29, 2024 is crucial to the distribution of the airdrop and has likely triggered buying pressure from airdrop hunters.

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

The upcoming airdrop involves the distribution of approximately 315 billion CAT tokens, which is 3.5% of the total Simon’s Cat token supply. Eligibility for the airdrop requires that holders hold a minimum of 400,000 FLOKI tokens, and the distribution is proportional to the amount of FLOKI held at the time of the snapshot.

#2 FLOKI DAO approves CAT reservation

Further strengthening FLOKI’s market position is the recent decision by FLOKI DAO to allocate 200,000 USDT from its treasury to invest in Simon’s Cat Token. This move, approved by 97.72% of voting participants, could enhance FLOKI’s intrinsic value. An official statement issued by FLOKI DAO emphasized:

“Following the decisive vote of the FLOKI DAO, with 97.72% support, Floki will allocate 200,000 USDT from the Floki Treasury to invest in the CAT token, which will be treated as a strategic asset. This decision underscores our commitment to community governance and decision-making.”

#3 Market sentiment and novel stock market listing

The cryptocurrency community is also buzzing with talk of a novel memecoin BNB season, which was supported by the official X FLOKI account. The team wrote on Wednesday:

“We’re hearing about BNB season again. Here’s a reminder that FLOKI is by far the largest memecoin on the BNB chain! Floki is larger than all other memecoins on the BNB chain COMBINED and is a partner of the BNB chain. We are excited about the BNB ecosystem and will continue to actively support it!”

In addition, the main cryptocurrency exchange ByBit in addition yesterday’s FLOKI/USDC trading pair. The exchange revealed the listing in response to mighty demand, increasing 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 team noted via X.

#4 Bullish Chart Setup

Technical analysis by popular cryptocurrency analyst CRG (@MacroCRG shows a bullish chart setup for FLOKI. The convergence of fundamental events and technical indicators suggests mighty upward momentum. CRG he stated:

“FLOKI chart looks yummy as hell. Plus, plenty of fundamental tailwinds to ignite momentum: CAT/@SimonsCatMeme launching today (BNB loading, FLOKI should be a huge beneficiary since it’s the flagship BNB meme). Binance also confirmed it will dump a large chunk of CAT to FLOKI holders, bullish af. Full send.”

At the time of going to press, the FLOKI share price was USD 0.00014303.

Featured image is from X @BlackstarsMKTCR, chart is from TradingView.com