"Why is there a lack of cat coins in the crypto market?" asked an r/CryptoCurrency user last month. “There is not a cat coin in the top 100, but 2 dogs in the top 10. I bet the cats are feeling left out now.”
They've got a point. The Dogecoin Vs Shiba Inu dogefight has become the memecoin battle on everyone's minds. The centuries-old debate of dogs vs cats seemed reserved for talk shows and early-2000 memes.
"Don't give them ideas," warned another Redditor. Well, it seems, coincidentally or not, that Cat-based cryptocurrencies are now eating into the memecoin industry, after soaring in value last month.
Cat Coins Offer Feline Alternative To Dogecoins
Simply replacing the 'Dog' from Dogecoin, CateCoin is now ranked the 8th largest meme token on CoinGecko. With 100 trillion CATE in circulation and a price of $0.00000988, the BSC token has a market cap of $327m - larger than the likes of HIVE and only $20m below Chia.
After a relatively low profile launch in the summer, CateCoin exploded in recent weeks. It is up some 2352% in 30 days, and now has 140,000 hodlers.
However, where Dogecoin sees itself as a store of value for payments, CateCoin has gone down a route more similar to Shiba Inu Coin. Offering its holders NFTs, staking opportunities, and an upcoming Play-To-Earn game, CATE's ecosystem sees the token pushing its utility elements as much as the memes.
Of course, there are still the memes.
Cat videos are almost synonymous with the internet. They have spawned countless memes - whether that's Grumpy Cat, Nyan Cat, Keyboard Cat, or Bongo Cat. The memecoin market is now oversaturated with Doge or Inu-based tokens (there's even a Buff Doge Coin). Feline tokens still have a variety of memes at their disposal, which they've taken full advantage of in their marketing.
As with most other memecoins, these cat tokens are not immune to the standard volatility and crashes. Kitty Inu and Catgirl are down 24% and 10% in the past 24 hours, respectively. After hitting its All-Time High overnight, CateCoin is already down 11% from this ATH.
Much like any of the new coins released based on whatever Elon Musk did that day, due diligence and careful research are necessary before investing in any token, even if you like cats.