Floki DAO has approved a $200,000 investment in the recently launched Simon’s Cat Token (CAT). This decision highlighted the Floki team’s dedication to community-driven governance and decision-making as the decision passed with a staggering 97.72% approval rate.
ANNOUNCEMENT: FLOKI DAO PASSES VOTE TO INVEST $200,000 FROM THE FLOKI TREASURY IN SIMON’S CAT TOKEN
After a decisive vote by the $FLOKI DAO, with 97.72% approval, #Floki will allocate $200,000 USDT from the Floki Treasury to invest in the $CAT token, which will be held as a… pic.twitter.com/cNLTPIFH0a
— FLOKI (@RealFlokiInu) August 22, 2024
Surprisingly, Floki has decided to cancel the CAT presale as some bad actors tried to bot the presale. The investment comes on the heels of Simon’s Cat Token’s airdrop initiative for Floki (FLOKI) holders.
CAT airdrop will distribute 315 billion tokens to Floki holders
The airdrop will distribute 315 billion CAT tokens (3.5% of the total supply) to eligible Floki holders.
To qualify for the airdrop, Floki holders must possess at least 400,000 FLOKI tokens on-chain. The distribution will be based on two snapshots, with the first taken on August 22, 2024, and the final one scheduled for August 29, 2024.
Floki holders can move or buy new tokens during the period of these snapshots. However, transferring them out will make the holders ineligible.
The timing of this investment is particularly noteworthy, as Simon’s Cat Token recently made its market debut with a listing on KuCoin on August 20, 2024. The token benefits from official support and IP rights from the original Simon’s Cat company, lending it a degree of legitimacy.
Floki’s decision to allocate $200,000 USDT from its treasury to CAT tokens, to be held as a strategic asset.
Floki cancels Simon’s CAT presale
Floki has canceled the highly anticipated Simon’s Cat token presale due to aggressive bot attacks and manipulation attempts.
Instead of proceeding with a compromised sale, Floki has taken a bold step to protect its community by converting the presale into a free airdrop for eligible users.
IMPORTANT UPDATE ABOUT THE SIMON’S CAT PRESALE
Dear Vikings!
First of all, we would like to sincerely apologize for the rollercoaster that the Simon’s Cat presale has been!
After extensively reviewing data on how AGGRESSIVELY some bad actors tried to game and bot this presale,… pic.twitter.com/p9Wclkfrix
— FLOKI (@RealFlokiInu) August 22, 2024
The initial presale, which sold out its $4.25 million hardcap 12 hours early, was marred by suspicious activity.
After revoking $223,815.20 worth of purchases from bad actors, a second presale attempt was also thwarted by sophisticated bot attacks that overwhelmed the launchpad website.
In response, Floki’s core team has decided to fund the airdrop from its treasury, paying the Simon’s Cat team the $223,815.20 they would have received from the second presale.
The airdrop will target 3,707 legitimate Champion tier users, each receiving approximately $55.345 worth of CAT tokens at presale valuation. Floki also identified and excluded 337 wallets associated with botting attempts.
Also Read: Bitcoin Surges After Fed’s July Minutes: What It Means for the Crypto Market
Source: https://www.cryptonewsz.com/floki-dao-cans-investment-in-simons-cat-token/