It was a Shiba eat Doge world…until CateCoin came along.
At a time when meme coins, like Dogecoin and Shiba Inu, are enjoying immense popularity, another cryptocurrency has been laying the groundwork to compete with them: CateCoin.
Created on the Binance Smart Chain, CateCoin is a cat-themed meme coin which aspires to add real-world value to the meme and content creation world. What sets the token apart from its competitors is that it creates multiple sources of income for its users and also boasts its own crypto wallet! That CateCoin is an ambitious attempt to defeat some of the most renowned meme tokens is an understatement. The team has set out to transform the meme world, and here’s a look at how it’s doing so and how legit it is:
Encouraging creator and user engagement
The best part about this token is that you can earn crypto in multiple ways. The decentralized finance (DeFi) meme platform incentivizes users and creators to engage with CateCoin. Creators are encouraged to submit content on CateCoin’s meme decentralized application (dApp), as they can earn tokens when people like and comment on their content. And, when users like and comment, they earn Cate tokens, too! When a creator’s post reaches 500 or more likes, it is eligible to become a non-fungible token (NFT) that they can sell. This is also known as content farming, allowing creators and users to earn through engagement.
To start interacting with posts and earning tokens, users need a minimum of 10,000 CATE tokens. Creators, on the other hand, need a minimum of 100,000 CATE tokens to submit their work. As of May 2, 2022, one CATE token is valued at US$0.000001036. Still, how do you convince people to purchase such a significant amount of tokens?
You offer an opportunity to earn in every activity.
Room for passive income
Unlike Shiba Inu and Dogecoin, CateCoin incentivizes staking tokens by promising a 15 percent annual percentage yield (APY). You need to hold your tokens for over 31 days to start earning returns. It compels people, especially those who don’t want to create or engage, to buy the tokens, as it assures growth in value without them having to put in any work!
HODL is a well-known crypto buzzword which expands to “hold on for dear life”. It is a strategy which urges users to hold on to crypto and not sell it. Then, HODLers earn 2 percent of every transaction!
Competing with play-to-earn games as well
While CateCoin is competing with other meme tokens, including Shiba Inu and DogeCoin, it is also giving a tough fight to crypto play-to-earn games. Another way it has incentivized its token is by launching a crypto game, “Rise of Cats”. Here, players can earn the CatPay token—posing a competition to the renowned blockchain game, Axie Infinity and its in-game asset Smooth Love Potion (SLP) token.
Is CateCoin legit?
With this cat-themed token, the focus is on enhancing its usability. It is not just a passive token to hold and trade. It is a token that allows you to become a blockchain gamer and an NFT creator; it is a game that lets you earn without even using the tokens; it is a token with its own wallet and a riot of incentives.
Also, CateCoin uses the deflationary mechanism tokenomics model, where the token supply is capped at 100 trillion. There’s limited supply and plenty to do with it. Already, the token is well-known among investors, boasting a market cap of US$33 million (as of May 2, 2022). What’s more? In November, its value grew to millions, following an 8,000 percent rise in just 30 days.
All in all, with the numerous avenues that CateCoin presents, it might pose a tough competition to existing meme coins, including those backed by billionaires like Elon Musk. What’s more, its exclusive and wide range of features—from its own game and NFT marketplace to a meme dApp, wallet and more—reduce the token’s overall volatility. That coupled with CateCoin’s high growth possibilities not only adds to its legitimacy but also makes us curious about its future.
What’s next for CateCoin? Perhaps a metaverse where all of us don a cat avatar and play with yarn all day! Now that’s the dream.
Header Image by CateCoin’s official website