Key Takeaways:
- Catecoin prices fell by $0.000002 in 24 hours.
- Listing on Gate.io and launch of a new website for its NFTs failed to bring prices up.
NEW DELHI (CoinChapter.com) — Catecoin, a memecoin that also offers a DeFi platform to meme creators, is in a downtrend, with the token losing nearly everything it gained this week.
The token, which touts itself as ‘the ultimate meme coin,’ failed to respond to news of its listing on Gate.io. Often, a memecoin’s price reacts to positive news and developments. However, the launch of Catecoin’s new website failed to excite bulls either, as prices continued their downfall for the third consecutive day.
The token opened on Nov 12 at $0.000007584. Within six hours, CATE prices dropped down to $0.00000637. Though prices tried to rally during the day, the meme token failed to end on a high, closing at $0.000006261, losing over 17% intraday.
However, the current downtrend might be temporary, seeing that Catecoin has gained by 662.3% in the last 30 days. Since Aug 12, the token has gained by 6,914%, with most of the gains coming in Oct and Nov. Like other memecoins, Catecoin prices are dependent on social media hype.
As such, it is surprising that the memecoin failed to capitalize on the news of listing or even the sale of ‘Rise of Cats’ NFT on OxBull.
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It is difficult to assess the future of a memecoin at its inception as they are a volatile part of an already volatile market, with prices moving at the whim of social media. Yet, with its ecosystem including an NFT market, rewards on holding and using CATE, and lesser supply (100 trillion) than other memecoins might lend it a successful future.
In context, Shiba Inu had one quadrillion tokens at its launch.
Catecoin Fundamentals
Catecoin has forayed into nearly all the popular crypto applications, from NFTs to blockchain gaming. The token recently announced the launch of its play-to-earn NFT game, Rise of Cats. It is a blockchain-based random tower defense game, which has PvP and Co-op modes.
On Nov 12, Catecoin announced the sale of its Rise of Cats NFTs via OxBull, a launchpad and startup incubator for blockchain-based apps. The NFTs will be available as General Blind Box ($200 per box) and Luxury Blind Box ($600 per box).
Furthermore, the announcement by OxBull states that 50% of the funds raised from the sale would go to buy back Catecoins from the market. Thus, the move aims at increasing CATE prices by decreasing the token’s active supply. The other half of the funds would go into further development of the game.
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Earlier this week, Catecoin announced its listing on Gate.io, an altcoin exchange with nearly 180 different coins in its kitty. Listing of tokens on more exchanges invites more investors into the market, expanding an asset’s reach.
However, CATE didn’t react to the news. Currently, Catecoin is available on five exchanges, PancakeSwap V2, Gate.io, ZB, BKEX, and HotBit.
Meanwhile, Catecoin was ranked fifth by CryptoDep in its list of top DeFi projects by social activity, according to a tweet shared by the memecoin’s handle.
At the time of writing, Catecoin was trading at $0.00000627, down 20.04% on the day.
