Catslap (SLAP), the popular cat meme coin that launched in late 2024, is approaching its next big token-burning event. The event, announced weeks ago, will see the project burn another $1 million worth of SLAP tokens.
SLAP Token Burn Is Coming In Two Days
The event is scheduled to take place two days from now, on Friday, January 31. Many assume that this could help the SLAP token’s price finally see a recovery, as it saw a gradual decline ever since hitting an ATH in the early days of December 2024.
More importantly, the burn will also act as a signal for several other changes to the project, such as the end of the SLAP staking rewards. Users who staked their tokens will have 14 days to withdraw both the rewards and the initial tokens that they staked.
After this period, any unclaimed rewards will be burned and will be irretrievable moving forward. However, even if you don’t withdraw the initially staked tokens in time, they will not be burned — only the rewards are in danger of being lost to the user who earned them.
The project designed this initiative to try and reduce sell pressure in the future and boost the long-term sustainability of the SLAP token. So, January 31 will see the next $1 million burn, and after that, users will have until February 14 to withdraw their staking rewards. It is also worth noting that the burn will not affect SLAP drop rewards, which will continue to vest linearly over the next 90-day period.
BUY SLAP TOKENS WHILE THEIR PRICE IS LOW
What Do You Need To Know About Catslap?
Despite the fact that its price action was mostly bearish over the past two months, Catslap became an extremely popular cryptocurrency almost as soon as it appeared. It owes this success to its slapping game, which lets you click on the image of a cat and slap various entities, including Pepe, Chris Rock, Elon Musk, Michael Jackson, Donald Trump, and Chuck Norris.
The game became popular enough to generate 10 million slaps in only two days, which the project celebrated with a burn. It also introduced a slap-to-earn mechanism, which rewarded users with SLAP tokens for each slap. Within two days of the mechanism’s introduction, the slap count went from 10 million to 100 million, marking another massive milestone.
Now, two months later, the project is nearing the 3 billion slaps milestone, currently at 2.93 billion. A major reason for this surge in engagement was an event during which the top 10 slappers were promised to receive $10,000 in USDT each. The project already distributed these rewards, but the community continues to play the game, and the slap count is skyrocketing.
However, many also believe that its price will soar once the next big bull run kicks off. Experts still believe that SLAP could be the next 10x cryptocurrency and that it has massive untapped potential.
BUY SLAP BEFORE THE $1 MILLION TOKEN BURN
Whether or not this will happen still remains to be seen, but if you are interested in investing in SLAP for the long term, right now is likely the best time to buy, while its price sits at $0.001355. As mentioned, the project is about to see a busy period with multiple major developments, which could bring attention to it, and put it on many investors’ radars.
