CAT Token Leaps from BNB Chain to Solana

The memecoin created in the name of Simon's Cat, is preparing to move onto the Solana blockchain.

Memecoin CAT Token, inspired by the famous Simon’s Cat, is making its way onto the Solana blockchain. This move comes as the meme-inspired token looks to capitalize on its growing retail trader base and the explosive activity around Solana in recent months. Solana's massive activity levels could pave the way for a sustained bull run for CAT.

CAT Token Makes the Leap from BNB to Solana

Initially launched on BNB Chain, CAT Token now aims to leave its mark on Solana. In doing so, it will be offering early access to those who have held another Solana-based memecoin, BONK, for a year. CAT is offering a limited vault with $100,000 worth of tokens at a discount. However, the vault has already surpassed its initial goal, gathering around $240,000 in stablecoin deposits.

This move comes as Solana has seen a surge in memecoin trading activity. The surge is boosting the Solana network, which is seeing more demand for its native token, SOL. While other blockchain networks have struggled to grow, Solana has stood out – even breaking its record for transaction fees in March 2024, reaching $3.2 million and beating the previous high from 2021.

Solana's Growth Provides a Strong Base for CAT's Expansion

Solana is known for its low transaction fees and fast processing speeds, making it a prime network for memecoin traders. By joining this ecosystem, CAT Token stands to benefit from the rising liquidity and trading volume as more users flock to Solana.

Solana's Protocol Fees Hit Record Highs

The move to Solana is not just about attracting traders – CAT Token is also tapping into the broader momentum that Solana has been seeing in 2024. On November 18, decentralized finance analyst Patrick Scott tweeted that fees on Solana reached an all-time high across its top protocols. In turn, five of the top 10 protocols by fees over the past 24 hours were all based on Solana.

Of these, decentralized exchange Raydium generated a record $11.79 million in fees on November 17, while liquid staking protocol Jito saw $7.89 million on the same day, according to DefiLlama. These numbers show Solana's rising influence within the top memecoin markets, where speculative trades have seen a surge in interest.

Solana-Based Memecoins Are Seeing Massive Gains

The rise in Solana-based memecoins extends beyond CAT. Another memecoin, Peanut (PNUT), which is based on a squirrel meme, saw an incredible 2,700% increase in value over just two weeks, peaking at $2.4 billion on November 14. Support from Elon Musk is also driving more trading activity and excitement in the market, which is helping coins like CAT as they launch on Solana's blockchain.

As of mid-November 2024, Solana is trading at around $234, which is just 8.5% away from its highest value of $259 from November 2021. Solana's market cap has also grown substantially, reaching around $112 billion, up from $77 billion a year ago. This growth is largely due to Solana's inflation schedule, which rewards stakers with newly minted tokens and increases the overall supply of SOL.