Earlier today, the Slap-to-Earn meme cryptocurrency Catslap ($SLAP) carried out a significant token burn, removing an additional $1 million of SLAP tokens from circulation, which will substantially boost the asset’s value.
Including previous burns, an eye-watering total of of 1,196,558,367.83 $SLAP tokens have been taken out of circulation (aka burned), valued at well over $1.5 million.
Token burns are in the interests of all token holders because reducing supply for a high-demand token increases scarcity, one of the largest determiners of value in commodities in general.
It's done. We just burnt $1,000,000 of $SLAPhttps://t.co/grFgQzV4ej pic.twitter.com/iMG1HkF0Ri
— Catslap (@CatSlapToken) January 31, 2025
Catslap is the token powering the eponymous viral web game, in which players earn crypto rewards by getting the viral slapping cat on the homepage to slap one of six cultural icons, including the topical US President Donald Trump and his Dogecoin-loving champion, Tesla CEO Elon Musk.
Here Is Everything You Need to Know About Catslap Crypto Upcoming Airdrop
Today’s gigantic burn follows the recent Slapdrop contests, which saw the top 10 slappers on the Slap-to-Earn leaderboard winners split a $100,000 prize pool.
The Catslap project offers multiple avenues to collect rewards. Catslap players who completed Zealy social challenges, and submitted their Best Wallet rewards wallet began collecting $SLAP rewards on 16 January.
$SLAP rewards are subject to a 90-day linear vesting schedule to prevent excessive selling pressure, as seen in several other high-profile meme coin releases, like the play-to-earn Hamster Kombat.
Now that $1 million worth of $SLAP has been removed from circulation, the Slapdrop has now officially concluded.
Currently, investors have staked well over half a billion $SLAP tokens. Holders have a 14-day window to withdraw their staked tokens and any accrued rewards. After this period, any unclaimed rewards will be permanently removed from circulation. However, it is important to note that the burn will not affect the principal staked amounts.
Any unclaimed staking rewards and any remaining team-controlled tokens not tied to vesting contracts will be burned on February 14. You can view a countdown to the final megaburn on the Catslap website. The vesting wallets associated with these tokens are transparently listed on the official website (catslaptoken.com/en/slap-drop).
As with the last token burn events, the upcoming burn does not impact SLAP drop rewards, which will continue to vest over a 90-day period.
Top Analysts Predict Catslap Will Dominate The Cat Meme Coin Space in 2025
Additionally, the Catslap team has been executing a buyback initiative, purchasing $533,281 worth of tokens (equivalent to over 348 million $SLAP) on the open market to support the asset’s price further.
On 4 December 2024, $SLAP reached an all-time high of $0.009478, marking an 8,516% return for early presale investors.
And there are some exciting price catalysts still to come. Firstly, the whole industry will benefit from a comprehensive US crypto policy, which the pro-crypto Trump administration is expected to deliver within the next six months.
The Catslap presale launched in November 2024 at an initial price of $0.00011, which, according to CoinGecko, has blown up to $0.0014 as of this writing. This gives early investors a remarkable 1173% return.
Additionally, the economic effects of Bitcoin’s supply halving last year are likely to work in tandem with the US’s pro-crypto outlook to trigger the start of a bull run that will pull up every reputable altcoin. Catslap will likely lead the meme coin sector and flip feline stalwarts like MEOW, MOG, Popcat, and Simon’s Cat.
Crypto auditing firm SolidProof checked the Catslap smart contract and found no critical issues, giving investors peace of mind that the project is credible and secure.
You can buy $SLAP via Web3’s innovative new wallet, Best Wallet, which you can download from Google Play or the Apple App Store.
Join the Catslap community on X and Telegram and stand ready for the bounce. Forget about a “dead cat bounce” – this cat coin is alive to the altcoin opportunities ahead.
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