Floki announces completion of airdrop of Simon’s Cat ($CAT), a cryptocurrency inspired by a popular cartoon series.

The event was aimed at rewarding Floki Inu ($FLOKI) holders with free $CAT tokens, with the distribution taking place across major exchanges like Binance and OKX. The airdrop did not require any action from the recipients, as tokens were directly deposited into the wallets of eligible users.

To qualify, users needed to hold at least 400,000 $FLOKI tokens. The tokens were then distributed proportionally based on the amount of $FLOKI held at the time of the snapshot.

$CAT Supply Allocation

According to the official statement from Floki, 3.5% of the total $CAT token supply, equivalent to 315 billion tokens, was allocated for this airdrop. The distribution was based on two snapshots taken on August 22, 2024, at 12:00:00 UTC and on August 29, 2024, at 23:59:59 UTC.

Holders who met the criteria were automatically airdropped $CAT tokens, with no need to claim or connect their wallets.

Withdrawals for the airdropped tokens were made available on Binance and OKX. However, users holding $FLOKI on-chain needed to manually import the $CAT token contract into their wallets to view the tokens.

In addition to the airdrop for $FLOKI holders, Simon’s Cat reportedly allocated 1.5% of its total token supply to users of the Floki Trading Bot. 

This portion will be distributed over a 30-day period as a reward for trading $CAT using the bot. The team has promised further details about this specific distribution in a forthcoming post.

Snapshot Error Causes Disruption

Despite the excitement surrounding the airdrop, not all users were able to enjoy their free tokens. An issue arose due to an error in the initial snapshot date used by Binance, which was set for August 24 instead of the correct date of August 29, according to the Floki team.

As a result, some users received excess $CAT tokens, while others didn’t receive any. In response to the issue, Binance temporarily suspended $CAT withdrawals and began reprocessing the airdrop. 

The exchange is reportedly working to recover the excess tokens from users who received more than they were entitled to and redistribute them to those who received less or none. Binance has set an estimated deadline for completing this process by the end of September 11.

Further, some users who withdrew the excess tokens distributed to them will not be required to return them, as Binance has committed to covering the shortfall and ensuring all users receive the correct amount of $CAT tokens.

Floki reassured its community that users will see the adjustments reflected in their Binance records once the reprocessing is complete.