CateCoin Skyrockets 425% in Ten Days After Deflationary Burn and Updates

The price surge follows a June 30 burn and precedes International Cat Day on Aug. 8.

By
Soumen Datta
on
August 6, 2022
Category:
DeFi

The Cat’s Meow

The market for memecoins grew exponentially in 2021, especially dog-themed coins. Currently, Dogecoin (DOGE) and Shiba Inu (SHIB) are some of the most popular "breeds."

Move over, Rover – there’s a cat coin that has taken center stage on BNB Chain: The value of CateCoin ($CATE) has soared 425% in just 10 days to $0.000002264 at the time of writing, according to CoinMarketCap data.

On July 27, CateCoin’s market cap stood at around $14 million. As of Aug. 6, it was more than $70 million.

Catecoin 10 days ago -  $0.000000376197🐱
Catecoin Today - $0.000000976197🚀#catecoin

— CateCoin (@catecoin) August 3, 2022



The CateCoin team defines the project as a “Community based Cat-themed utility project.” The utility includes games, Non-Fungible Tokens (NFTs), mobile wallets, and community Decentralized Apps(DApps). Additionally, the team recently released version 2 of their game "Rise of the Cats," which included several updates.

Rise of Cats V2.0 Is Coming!

We will have an update for Rise of Cats V2.0 on July 14th, 2022 at 07:00 UTC.

1. New In-Game Marketplace & Wallet.
2. You can log in by Email & Wallet.
3. New Cat: Dottie the pirate, airdropped on July 20th.
4. Bug fixes and improvements. pic.twitter.com/G470zW4Vsp

— CateCoin (@catecoin) July 12, 2022



Some community members in the Catecoin Telegram channel argue that the upcoming International Cat Day on Aug. 8 might be a catalyst for the recent price rise. Additionally, CateCoin burned 34% of its total supply in a major deflationary event on June 30, which could be another contributing factor.

By Burning, 34% of supply #catecoin becomes a deflationary coin
After enabling a 2% reward Major part of the reward token will go to a dead wallet which will reduce
total supply

#CateArmy #Crypto #cryptocurrency #1000x #BNBChain #NFTCommunity #Play2Earn #cryptowallet pic.twitter.com/tUFgSke3SW

— CateCoin (@catecoin) July 30, 2022



Investing in memecoins, of course, comes with risks as they can be quite volatile. Most memecoins rely totally on community support for their survival. Therefore, it is crucial to set your priorities and invest only what you are willing to lose.

BSC News reached out to the CateCoin team to learn what the team has to say about the recent price rally, but we didn’t get an immediate reply.

What Is CateCoin:

CateCoin is a utility-oriented meme creation and content farming platform made to help meme creators earn from their creativity. The creative meme community can share content and earn from the community response. CATE is the native token of CateCoin, and CATE’s limited supply and burn mechanism aims to increase the token’s value by offering rewards to long-term hodlers. The creative community will also be able to sell their memes via NFT minting.

Where to find CateCoin:

Website | Twitter | Telegram |

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Tags:
Soumen Datta

Soumen is an experienced writer with a background in Laser Physics. He has a passion for learning and is mainly interested in Defi, P2E gaming, and NFTs. His largest crypto holdings are BTC, ETH, SOL and DOT token.

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