FLOKI gears for double-digit drop even as holders to earn rewards from cat meme coin on BNB Chain

Simon’s Cat, animated cat brand has planned a meme coin launch on the BNB Chain, in partnership with Floki.
FLOKI traders will receive a portion of the new meme coin’s supply as a reward.
FLOKI could extend losses by nearly 11% and sweep support at $0.00013635.

Floki (FLOKI) trades at $0.00013635, early on Saturday. The dog-themed meme coin’s holders are set to earn a portion of Simon’s Cat meme coin. The animated cat brand is launching a meme coin in partnership with Floki on the Binance chain and DWF Labs.

The token issuance is expected on August 8, and FLOKI holders could receive a part of the distribution of the meme coin.

FLOKI could suffer a double-digit decline, despite the announcement by the project officially linked to the Simon’s Cat brand.

FLOKI struggles to hold steady despite the meme coin’s distribution plan

Animated cat brand Simon’s Cat is launching a new meme coin on the Binance Chain in association with Floki and DWF Labs. The launch of the token is expected on August 8.

Two portions of the new meme coin’s supply are set to be distributed, one to FLOKI token holders and the other to Floki trading bot users.

Floki Inu announced the details of the airdrop and how FLOKI holders and stakers can qualify for the airdrop in a recent tweet on X:

Coindesk recently revealed that Simon's Cat—the most popular cat #memecoin to launch this year (which goes live soon!)—will be airdropping a portion of its supply to $FLOKI holders.

We want to highlight a few things:

1. The snapshot for the airdrop has NOT been taken. So, you… https://t.co/CtvEAIdXgu
— FLOKI (@RealFlokiInu) August 1, 2024

The Simon’s Cat brand is one of the most popular animated series on the internet and its official meme coin launch is considered a bullish development for FLOKI. However, it has failed to catalyze gains in FLOKI.

FLOKI could erase 11% value

FLOKI is currently in a downward trend. The meme coin could sweep support at $0.00013635, an 11% decline in the dog-themed asset’s price. The Moving Average Convergence Divergence (MACD) indicator supports the thesis of decline, the red histogram bars under the neutral line show that there is underlying negative momentum in FLOKI’s price trend.

FLOKI could sweep further lows in the Fair Value Gap (FVG) between $0.00009850 and $0.000108.

FLOKI/USDT daily chart

A daily candlestick close above the Fair Value Gap between $0.000161 and $0.000159 could invalidate the bearish thesis and FLOKI could rally towards resistance at $0.000164, as seen in the chart above.

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