Simon's Cat's licensed memecoin, CAT, is set to enter the Solana blockchain, targeting a vibrant and active trading community known for its memecoin enthusiasm.
In a strategic decision to broaden its reach, CAT is offering early access to holders of the Solana-based BONK token, a memecoin with a canine theme established in late 2022.
This opportunity is reserved for BONK holders who committed their tokens for a 12-month lockup, granting them access to $100,000 worth of CAT at a favorable rate prior to its market debut.
The demand has been robust. Data indicates the vault filled considerably beyond its initial $100,000 goal, reaching $240,000 in stablecoins during the Asian morning trading hours. Solana has developed a reputation as a thriving hub for memecoins. The platform's unique ecosystem regularly experiences surges in token issuances and trading volumes, boosting demand for SOL. These gains frequently spill over into new tokens, driving further interest.
In contrast, other blockchain networks have not mirrored this level of activity. Solana notably collected $3.2 million in fees over a single day in March, significantly surpassing its previous record from 2021. On-chain volumes also hit over $3 billion, far exceeding the November 2022 milestone. This level of activity underscores a concentrated interest in Solana, as observed by CoinDesk, while competitors like Ethereum, BNB Chain, and Tron did not see similar boosts at the time.
This thriving environment significantly influenced CAT’s choice to target Solana. A representative from Simon’s Cat's core team, opting to remain anonymous, mentioned to CoinDesk, “BNB provided $CAT with a robust, liquid foundation, yet we are keen to leverage Solana’s fast and affordable network, renowned among retail traders and memecoin enthusiasts.” The team further emphasized Solana’s exchange support, enhancing trading possibilities and liquidity opportunities, and hinted at future developments within their roadmap.
Launched in August with backing from Floki, BNB Chain, and DWF Labs, CAT is officially associated with the popular Simon's Cat brand. It stands out as the pioneering feline memecoin on the BNB Chain, bolstered by intellectual property that achieved $5.8 billion in revenue last year.
The market response has been favorable. CAT has surged 11% in the last 24 hours, almost doubling over the past fortnight amidst a broader memecoin rally.