coindesk.com
Animated cat brand Simon’s Cat is launching a memecoin in partnership with Floki, BNB Chain, and DWF Labs, with a token issuance expected on August 8.
A portion of the supply will be airdropped to FLOKI token holders, and another portion will be distributed to users who trade Simon's Cat with the Floki trading bot.
Simon's Cat memecoin is officially linked to the mainstream Simon's Cat brand and is the first major cat memecoin on the BNB Chain, backed by the company's IP which earned $5.8 billion in revenue last year.
Animated cat brand Simon’s Cat will issue a memecoin using Floki’s TokenFi launchpad in the first week of August, with a token issuance expected on August 8, Floki lead developer B told CoinDesk in an interview Wednesday.
The token is launching in partnership with Floki, BNB Chain, and crypto investment DWF Labs. TokenFi, started in 2023 as a sister project to Floki, is a real-world assets platform helping traditional internet brands tokenize into Web3 projects. It also lets users launch any cryptocurrency without writing code.
Simon’s Cat is an animated series about a hungry house cat and its adventures. Metrics show it has over 20 million followers across YouTube, Facebook, and Instagram. The series mainly consists of videos and memes about the cat.
A portion of the impending memecoin's supply will be airdropped to FLOKI token holders, and a separate portion will further be distributed to users who trade Simon's Cat with the Floki trading bot – accruing value for the FLOKI token.
"The cat memecoin sector is a budding and rapidly growing sector: it is worth $2.9 billion market cap compared to the dog memecoin sector worth $36 billion market cap," B said in an interview. "The biggest dog coin is 6x bigger than the entire cat memecoin sector, showing just how small the sector is right now."
"While other major cat memecoins are based on Solana and Ethereum blockchain, Simon's Cat will be the first major cat memecoin on the BNB Chain," B added.
The Simon's Cat memecoin is officially linked to the mainstream Simon's Cat brand and backed by their IP. Banijay, the company holding the Simon's Cat IP, earned a revenue of $5.8 billion last year.
The main Simon's Cat brand is expected to advertise the Simon's Cat memecoin on Youtube, Facebook, Twitter, Instagram, and all of its channels, Floki's B said.