Expansion of CAT Token to Solana Marks Potential Bullish Trend

CAT, the licensed memecoin linked to Simon's Cat, is making its way to the Solana blockchain to attract new trading audiences.

A vault is available for long-term holders of BONK, a dog-themed memecoin created in late 2022, granting them early access to CAT on Solana. This vault will offer $100,000 worth of CAT at a launch price lower than the market rate.

Recent data indicates that as of this morning in Asia, the vault has secured over the initial target of $100,000, with $240,000 in stablecoins deposited for CAT on Solana.

Solana has emerged as a crucial hub for memecoins, showcasing substantial trading volumes and fees. Other blockchains haven't experienced comparable activity. In March, for example, Solana racked up $3.2 million in fees within 24 hours, shattering a previous record of $300,000 set in 2021.

The increasing popularity around Solana, particularly among retail traders and the memecoin community, is pivotal for CAT's transition.

“BNB has given $CAT a solid foundation, but we’re excited to tap into Solana’s fast, low-cost network, which has gained immense popularity among retail traders,” a representative from the Simon's Cat team stated anonymously.

The Simon’s Cat token debuted in early August, co-created with Floki, BNB Chain, and DWF Labs, and is recognized as the first major cat memecoin on the BNB Chain, backed by a brand that generated $5.8 billion in revenue last year.