Simon’s Cat (CAT) price token plunged sharply right after its much-anticipated airdrop on Aug. 29, 2024. Leading up to the event, CAT’s price surged 69% amid widespread excitement and speculation. However, as of today, Sept. 3, the token has entered a decline, losing 8.72% over the past week and currently trading at $0.00002388.
CAT Faces Selling Pressure as Post-Airdrop Excitement Fades
The Simon’s Cat airdrop, which distributed 20% of the total CAT supply to eligible FLOKI holders, initially fueled a rush of buying. Traders quickly snapped up Simon’s Cat tokens before the snapshot, taken just before midnight on Aug. 29. But as the market settled and the initial excitement faded, CAT’s price began to decline.
The token’s trading volume of $78.42 million suggests a common post-airdrop trend, where early buyers are cashing in. Investors are concerned that presale holders, who hold 30% of the supply, might keep selling off their tokens.
In a Sept. 2 AMA, Floki’s core advisor B discussed the positive impact of the Simon’s Cat launch on the broader Floki ecosystem. Within two weeks of the debut, new stakeholder numbers increased by 50%, and TokenFi raised $4.25 million exclusively.
Analyst Predicts Billion-Dollar Breakout for CAT
Even with the recent dip, some analysts believe Simon’s Cat (CAT) still has room to grow.
IBCIG thinks Simon’s cat coin is undervalued, especially on the Binance Smart Chain (BSC). They’ve noted how it’s held up even when the market has been rough, and they see a chance for it to bounce back strong, particularly with Binance CEO Changpeng Zhao (CZ) possibly making moves soon.
Ted is optimistic about CAT’s recent climb above $0.000028, viewing it as a potential signal of an upcoming bullish trend. He thinks that if interest in CAT continues to grow, the token could eventually hit a billion-dollar market cap.
On the other hand, Posty is a bit more cautious. He’s watching CAT’s consolidation closely and believes that while there’s a chance for more gains, it all depends on whether CAT can break out of its current pattern and maintain support.
A key concern is that presale investors hold 30% of Simon’s cat token’s supply, which could trigger sell-offs and drive down the token’s price.
