in ,

CatCoin: The Rise of $CATS

In early 2022, you could not have gone a few minutes on your socials without reading something somewhere about CatCoin. The legendary project that soared from small marketcap numbers all the way to tens of millions quickly became the talk of BSC. CatCoin truly became the “1000x gem” that every memecoin and shitcoin trader hunts for on a daily basis.

In this article, we go in-depth to dissect the elements that played a role in the success of CatCoin. I caught up with Dane from CatCoin’s core team to get some expansive information on the current plans and what’s in store for the future of CatCoin and it’s loyal CatArmy.

Project Info

Name: CatCoin
Symbol: $CATS
Network: Binance Smart Chain (BSC)
Smart Contract: 0x2f0c6e147974BfbF7Da557b88643D74C324053A2

What is CatCoin

In the simplest form, CatCoin is a memecoin project on Binance Smart Chain (BSC). The original contract launched on November 26th in 2021 by a team of anonymous developers, who promised some crazy utilities to the community that they predictably failed to deliver on.

The original team proceeded to abandon the project. But fortunately, the community had other plans for their bags and refused to allow a bunch of incompetent developers ruin their bags and potential profits. CatCoin was launched with a marketcap of approximately $20,000 and ascended to the moon, hitting an all-time-high of 70 million. Yes, that’s a 3500x. It has now migrated to a new and improved smart contract and is currently supported by its dedicated community with a new core team.

More than just a MemeCoin

Aside from the factors mentioned above, CatCoin will feature several utility services such as:

  • Hybrid DAO voting
  • Reflections for $CATS holders
  • Staking Pools
  • NFT collections (with integrated utility)
  • Interactive / education crypto games
  • Applications
  • And much more to come!

CatCoin now also has its foot (paw?) in the mainstream door with aggressive marketing – all thanks to the effectiveness of the upgraded smart contract.

To put it simply, the CatCoin project is primed to re-enter the stratosphere – this time with a more tactical approach to its virality as they earn their spot among the top ranking MemeCoin projects, rubbing shoulders with giants such as Shiba Inu, Floki, and even Doge.

The Virality of Catcoin

It would be a shame to talk about CatCoin without addressing its popularity. With its seemingly sudden explosive growth, one can only wonder what made it blast off to the moon. As we all know, memecoins, especially those that are launched with extremely low liquidity, have a very short lifespan as investors quickly lose interest, take profits (or losses) and move on to the next one. So what made really CatCoin an outlier?

Memecoins, and sometimes even large-scale utility projects, follow trends within their respective spaces. For example, the Anime trend on the Ethereum network, the Rebase trend, the High APY ‘protocols,’ Play-to-earn (P2E) games, and most recently, the Move-to-Earn (M2E) trend – due to the global success of STEPN (GMT).

The foundation of becoming viral as a memecoin project is laid with the following (often overlooked) factor

  • Timing
  • Luck
  • Strong Community
  • An overdose of Hopium

While CatCoin nailed all of the above, the coin had several other factors that gave it the extra push it needed.

During late January, Binance conducted a poll regarding Cats vs Dogs. Cats won the poll. Binance CEO Changpeng Zhao (CZ) was also featured on a Binance Instagram post with a cat. During that same time, Huobi and several other major crypto social media accounts tweeted about Cats. With all of these “indirect mentions,” what better coin to turn your head to than one literally named CatCoin with it’s ticker symbol being $CATS.

Over the course of its relatively young lifespan, CatCoin attracted over 45,000 unique holders. It even attracted centralized exchanges OKX and MEXC – prompting them to conduct a vote on whether they should list popular MemeCoins as well, among which CatCoin was mentioned.

CatCoin BSC meme

A Different Approach

Although CatCoin basically performed shitcoin miracles that’s only spoken about as bedtime stories, there were still a few underlying issues that could have affected the longevity of the project.

To start, there was no marketing wallet allocated in the first smart contract. We all agree that marketing is essential in spreading a project’s brand awareness, and if there’s no funds to push that marketing further, its progression towards success will likely plateau then die off. The liquidity pool / marketcap ratio was also quite low. Meaning, the chart could be super volatile and easily manipulated by whales. The only feature the original CatCoin smart contract had was reflections.

CatCoin BSC to the moon

In April 22nd 2022, an improved CatCoin contract was deployed. All previous v1 holders were successfully migrated via a snapshot and airdrop – an extremely tedious and sometimes shaky process. However, the team and community stood their ground and continued to prove to others that this is simply a milestone in the greater scheme of CatCoin.

CatCoin v2 brought a serious approach to the dinner table while boasting several additional elements that will aid its commute back to the moon. The ownership has been renounced – meaning, no one can adjust or alter the smart contract’s source code. The contract has also been professionally audited by multiple notable auditing firms.

The v2 smart contract features a “Swap & Liquify” function, with tax allocations funnelling into the multi-sig marketing wallet and to fund utilities. The new CatCoin contract also maintains the reflections feature as the previous contract had in place so holders can still benefit from the trading volume.

With all these new features and a solid core team in place, this essentially ‘legitimizes’ CatCoin, graduating it out of the shitcoin realm and guiding it in the direction of becoming a blue chip token of DeFi.

The New Team

As I mentioned above, the team that originally launched the project has abandoned it. Meaning they are no longer involved nor has any say in the project’s decisions. The community banded themselves together and gave the metaphorical middle finger to the past team and proceeded to form dedicated sub-teams that were allocated their own responsibilities.

During this time, the Marketing team, Moderation team, Tech team, Creatives team, and the Whale Group (aka Diamond Paws) were formed. Even until today, CatCoin and its team continue to recruit new talented individuals, slowly building up a cavalry of soldiers who can represent CatCoin on the front lines.

CatCoin BSC team
The CatCoin core team

The new team is also revealed on their website, including their LinkedIn and Telegram accounts which shows that they are willfully transparent to their community and future potential investors. In addition to that, the core team is comprised of all unpaid volunteers who share a parallel vision for the success of CatCoin. Their experience ranges throughout several fields, especially cryptocurrency. Some of the core members are high profile project leaders, senior business executives, talented speakers, animators, graphic designers, and blockchain tech & security experts.

I think it’s safe to say that CatCoin is currently in the right hands. Read more about the CatCoin team here.

CatCoin’s Marketing

The foundation of the success of any project is based on the community – which is CatCoins biggest asset. On a regular basis there are dozens of dedicated community members who make memes, interacting on social media, and sharing CatCoin news to other communities. But now with the marketing wallet equipped, the CatCoin team can compliment the community’s efforts with strategic moves.

In the future, we will look to expand our marketing efforts by adding a higher profile marketing firm that can help us ramp our marketing efforts to draw in more investors that are not currently in crypto. They can also held add strength to our targeted social media campaigns in crypto.

Dane D., CatCoin core team

At the time of writing this article, there are several marketing campaigns active that are simultaneously spreading the word about CatCoin on different fronts. This includes partnerships with Telegram communities, crypto-related Youtubers, and other influencers. The project will also be featured in some magazines and even have booths in some upcoming crypto events and exhibitions.

CatCoin also onboard the Blockchain Brothers, a DeFi marketing company that acts as a consultant to find and negotiate the best deals with different influencers and crypto-related communities.

CatCoin NFTs

If you’re an active BSC trader, you would know by now that most NFTs within the space don’t perform well. This is why most investors tend to ignore BSC NFTs. However, CatCoin gained even more points, joining the ranks of the relatively few BSC projects that completely sell out their NFTs upon release.

Some of the Cat Coin Cat Club NFTs on TofuNFT.com

The initial series of NFTs, titled Cat Coin Cat Club, were released with the intention of enhancing CatCoin’s exposure to a broader market, while delivering a collectible that would have future utility with the project. The community considers these NFTs a symbol of their dedication and holds a special place in their hearts.

Some of the Cat Coin Yacht Club NFTs on TofuNFT.com

The CatCoin Yacht Club series of NFTs showcases a fresher, and trendier design, and maintains the benefit of having future utility. 10 lucky winners had special NFTs with a gold coin on its necklace. These NFT owners are rewarded with a real world gold coin and are granted free entry into all of CatCoin’s future lotteries – rendering these NFTs as extremely valuable.

Both series of NFTs are available on TofuNFT.com’s marketplace.

Security

The CatCoin smart contract is considered one of the more safer contracts on Binance Smart Chain. It maintains simple and efficient functionalities while being secure for anyone interacting with it. The ownership has been renounced so there is no individual who maintains control over the functions.

Unlike most contracts that are renounced, CatCoin is able to securely retain its crucial functions such as whitelist, blacklist, fee and reward exemption, and tax fee management by having forwarded all privileges to a Gnosis multi-sig safe.

CatCoin v2 Whitepaper

This multi-signature safe requires 4 people to sign off on each transaction before being able to proceed with any changes made to any of the features. These individuals who have access to the safe are from different parts of the world and each of them are doxxed internally with their government IDs, location information, and contact details on record.

CatCoin BSC banner

In summary, this means that every move and decision must come to an overall agreement across the board by the core team. This is the only method of accessing funds from the contract, further blocking any attempts of someone trying to steal from the funds acquired.

All liquidity from taxes is stored in this multi-sig safe by default. The team then sends these funds to a locker where it’s currently locked for 7 years.

The Future of CatCoin

Alternative chains are in the scope of the near future for CatCoin, with the primary focus being Ethereum. CatCoin plans to expand its userbase onto the Ethereum blockchain by launching a mirror bridge token. As with most mirror tokens, it will require a strong liquidity pool, so this will not occur until the appropriate amount of funds is acquired to launch.

The ETH bridge will serve as a pathway between the two blockchains to help users who would like to transfer between them and hold or trade on their preferred chain. This bridge will also have a token transfer limit implementation – limiting any chances of arbitrage, a common risk whenever bridging with separate liquidity pools.

The team is also open to minor, emerging chains but remain cautious before making any haste decisions due to the rate at which smaller blockchains rise and consecutively die in volume. Blockchains such as Kadena, Polygon, Avalanche, and Echelon remain on the radar for the future expansion of CatCoin.

A DAO (Decentralized Autonomous Organisation) will be used to allow the community to get involved in the voting process (outside of the traditional means like social media polls). The DAO will allow $CATS holders to vote using their tokens as their voting power. Meaning, the more $CATS tokens you hold, the more voting power you have. To use the DAO, a user must hold an NFT, further enhancing the demand to buy and hold the CatCoin NFTs.

MemeCoin Market

Every project I interview, I always ask the team’s opinion on conditions and future of BSC and its MemeCoin dominance.

I believe the memecoin niche is the future for crypto, and i also believe it is the past for advertising in general. Tons of major companies have mascots or logos like Aflak or Geico

Dane D., CatCoin core team member.

Expanding further, Dane explains that MemeCoins capitalize on that mascot’s role that’s played in a brand’s identity.

MemeCoins have evolved over the last year especially and expanded into an entire spectrum of utilities across the board. Bigger MemeCoins like Doge have a payment protocol, or Shiba with their Metaverse and various DeFi utilities.

Dane D., CatCoin core team member.

Agreeably, Dane acknowledges the similarities between MemeCoins and other types of crypto projects – which are all targeting their own market that have their own interests. Memes themselves have become the driving force in drawing people into them.

With that said, I believe MemeCoins will continue to dominate. But Bitcoin and the native blockchain still acts like the macro which affects how well they perform.

Dane D., CatCoin core team members

Conclusion

Aside from the actual token and chart performance, the internal growth of CatCoin is actually quite impressive. As I mentioned in the beginning of this article, CatCoin is the epitome of what every BSC trader wishes would happen to them one day. But not only when it comes to profits. CatCoin evolved from a low marketcap shitcoin, into a well-organized, strategic business.

In my opinion, the project’s team and community continue to set an example of what’s possible in this niche of crypto. With the right hands, consistent hard work, and persistence, it can be done. Projects like CatCoin are keeping Binance Smart Chain and MemeCoins alive. I’m very interested to see what lies ahead in the future for CatCoin.

Links

Listed below are all the relevant links to learn more about CatCoin.

Nothing you read in this article should be taken as financial advise. This should only be used as material for you to conduct your independent research. If you have any comments or concens, feel free to leave them below, or drop us a message in the Degen Clinic telegram community.

Leave a Reply

Your email address will not be published.

Written by Neil

An absolute Degen

How to bridge from BSC to Milkomeda Cardano (milkADA)