Catslap Plans Massive $1M Token Burn Tomorrow Could $SLAP be Getting Ready to Explode?
Catslap, the popular cat-themed meme coin, is making big moves.
The team has announced an enormous $1 million token burn set to take place tomorrow.
Could this be the catalyst for another Catslap (SLAP) price rally?
Million-Dollar Token Burn Set to Pump Catslaps Price
Catslap has made a name for itself in the meme coin space since launching in November last year, thanks to a combination of viral gaming and strategic tokenomics.
The coins main feature is the Slapometer a simple but highly addictive web game.
Players can slap crypto-themed characters to earn points and compete on the global leaderboard.
With over 2.9 billion slaps registered so far, the game has clearly been popular with the crypto community.
Catslaps token burn strategy has also been a key factor in its growth.
491 million SLAP tokens valued at $742,000 have been permanently removed from circulation through various burn events.
Tomorrows planned $1 million burn will be the largest single reduction yet, taking over 700 million SLAP out of supply (based on the tokens current price).
This burn, combined with Catslaps active buyback program, which has already repurchased $526,000 worth of tokens, could create upward pressure on SLAPs price.
SLAP holders are hoping that will be the case.
Catslap Benefits from Cat Coin Resurgence as Analyst Endorsement Boosts Demand
Catslap seems to be finding its footing this week.
While still well below its December all-time high, SLAP has shown some momentum, climbing 10% since Monday to reach $0.0014.
This uptrend has picked up even more speed in the past 24 hours, with the token adding another 5% as traders prepare for tomorrows burn event.
The cat-themed sector itself is also showing signs of bullishness.
Its value is up 8% since yesterday, with more than $460 million in spot trading volume taking place.
While big names like TOSHI, MOG, and MEW still hold the lions share of the market, Catslaps relatively small market cap suggests it has huge room to run.
With over 22,000 holders worldwide and the massive token burn event just one day away, SLAP could quickly gain a larger market share.
YouTuber NASS CRYPTO believes that will be the case.
He told his 1,000,000+ subscribers to buy Catslap token praising its meme energy and constant updates.
Catslap Revamps Rewards & Prepares for Record Token Burn
Catslaps popular rewards programs are entering a new chapter, with some key changes about to take place.
The successful Season 1 Slap-to-Earn campaign recently ended, distributing $100,000 in prizes to its top players.
Other participants who completed social quests and engaged with the game began receiving their vested SLAP rewards on January 16th.
These rewards will continue to vest over 90 days preventing sudden sell-offs.
Catslaps staking program, which currently offers APYs of 30%, is also changing.
After tomorrows burn, current stakers will have 14 days to withdraw their SLAP tokens and claim any remaining rewards.
After that, any unclaimed rewards will be burned.
The teams commitment to price stability is also evidenced by its SolidProof audit, which found no critical issues with SLAPs code.
That gives it a huge advantage over many new meme coins that lack such security assurances.
Its a way of building trust and potentially attracting more investment.
Unsurprisingly, all of these changes have led to chatter in Catslaps Twitter and Telegram channels about how SLAPs price could react.
Regardless of what happens, one things for sure tomorrows burn event has the potential to become a significant turning point for the coin.
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