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- CAT Token is migrating from BNB Chain to Solana, targeting a new trader base and leveraging the blockchain’s explosive memecoin trading activity and low transaction fees.
- Solana thrives as memecoins like CAT and PNUT gain traction; PNUT soared 2,700%, while Solana’s market cap reached $112B, nearing 2021 highs.
CAT Token, the memecoin created in the name of Simon’s Cat, is preparing to move onto the Solana blockchain. The move comes as the meme-inspired token attempts to leverage its expanding retail trader base and explosive activity around Solana in recent months. The Solana’s significant activity could set the stage for long-term bulls for CAT.
CAT Token Leaps from BNB to Solana
Originally launched on the BNB Chain, CAT Token is now aiming to make its mark on Solana. The goal is to bring in a new group of traders by offering early access to those who have held BONK, another memecoin based on Solana, for a year. CAT is providing a limited vault with $100,000 worth of tokens at a discount. However, this vault has already exceeded its initial target, now reaching $240,000 in stablecoin deposits.
The move comes as Solana sees a rise in memecoin trading activity. This surge is boosting the Solana network, which is seeing more demand for its native token, SOL. Other blockchain networks haven’t experienced the same growth, but Solana has stood out, even breaking its record for transaction fees in March 2024, hitting $3.2 million, which surpassed the previous high from 2021.
The growth of Solana creates a strong foundation for CAT’s expansion. Solana is known for its low transaction fees and fast processing speeds, making it a top choice for memecoin traders. By joining this ecosystem, CAT Token is positioning itself to take advantage of the rising liquidity and trading volume as more users move to Solana.
Solana’s Protocol Fees Hit Record High
Shifting to Solana is not all about attracting traders—CAT Token is tapping into the broader momentum that Solana is experiencing in 2024. On November 18, decentralized finance analyst Patrick Scott tweeted that fees on Solana have reached an all-time high across its top protocols. As a result, five of the top 10 protocols by fees over the past 24 hours were all based on Solana.
Among them, decentralized exchange Raydium generated a record $11.79 million in fees on November 17, while liquid staking protocol Jito accounted for $7.89 million the same day, according to DefiLlama. These numbers represent Solana’s rising influence among the top memecoin markets, where speculative trades have risen in interest.
Source: DefiLlama
The rise of Solana-based memecoins isn’t just about CAT. Another coin, Peanut (PNUT), which is based on a squirrel meme, saw an unbelievable 2,700% increase in value over just two weeks, hitting a peak of $2.4 billion on November 14. The support from Elon Musk is also driving more trading activity and excitement in the market, helping coins like CAT, which are now launching on Solana’s blockchain.
By mid-November 2024, Solana is priced at about $234, just 8.5% shy of its highest value of $259 from November 2021. The market cap of Solana has also grown significantly, reaching around $112 billion, up from $77 billion a year ago. This growth is mainly driven by Solana’s inflation schedule, which rewards stakers with newly minted tokens, boosting the overall supply of SOL.
