Catecoin (CATE) price spikes 250% in 10 days

YEREVAN (CoinChapter.com) — Catecoin (CATE), a relatively lesser-known meme token in the crypto ecosystem, is on a bull run. The token’s price has suddenly surged 250% in less than two weeks. 

From July 27, CATE token has printed ten green candles in a row, according to chart data on TradingView. Incidentally, this is the first time the meme coin has gone without a red candle for so many days straight since November 10, 2021. 

Following the success of dog-theme meme tokens like Shiba Inu (SHIB) and Dogecoin (DOGE), CATE looked to capitalize on the altcoin craze. Instead, it became the world’s first Cat-themed token, promising users 15% yearly interest for staked tokens. 

In addition, meme creators can earn tokens on the CateCoin Meme Platform by making NFTs. 

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Catecoin (CATE) price pumps 170% in 7 days

Over the past seven days, the Catecoin(CATE) token’s price has registered a parabolic rally. It has pumped over 170% in the past seven days. 

The world’s first cat-themed crypto token opened on August 29 at $0.0000004941. As the bulls began taking an interest in the token, it surged around 20%on the same day to chart the course for further green candles. 

The recent rally has also taken the token’s total market cap above the $45 million mark. Moreover, it has helped the meme currency to revisit $0.000001. At the time of writing, CATE trades at $0.000001425, marking a 30% intra-day jump in the past 24 hours. 

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Will burning tokens work like a charm? 

Throughout the bear market, developers of the project have been busy working on token burns and updates. 

The CateCoin network now has an improved website. Moreover, it offers a better gaming experience as the team has now updated many bugs and issues.  

Investors are particularly bullish on the token burn rate. For example, Catecoin has burned more than 20% of its supply in the last six months. As a result, CATE will be a deflationary token if the burn rate goes above 34%. This, in the long run, will reflect positively on the price. 

Moreover, the developers hope to grow their market cap through further expansion into play to earn (P2E) gaming, crypto wallet, and DeFi. However, CateCoin’s price also risks losing all gains should the whales, which took an interest in the token, decide to short sell and cash out profits.