CateCoin price prediction: What is CateCoin (CATE)?
Don’t call CateCoin a dogcoin – it’s a crypto token that aims to monetise memes
- Not a dogcoin
- Money for memes?
- From the CateCoin whitepaper
- Potential red flags
- CateCoin price history
- CateCoin price forecast
- Closing remarks
CateCoin is a variation on a theme that has become very popular in the world of crypto over the past year or so. But what is CateCoin (CATE)?
How does CateCoin work? What is it used for, and what is the CateCoin price prediction? Let’s find out…
Not a dogcoin
When something becomes successful, it will often generate a crowd of imitators, all trying to capitalise on an obvious winner. This happens all the time in cryptocurrency, and it has happened a great deal with meme coins – cryptos that aim to replicate the success of Dogecoin.
Dogecoin (DOGE) is the cryptocurrency that began life as a parody, but then garnered considerable attention, shot up the valuation charts and ended up as a mainstay of the crypto world. Since DOGE became massive in early 2021, we have seen cryptos such as Shiba Inu and Floki Inu attempt to seize the crown of top meme currency. And now we have CateCoin.
CateCoin is not a dogcoin, in the way that Dogecoin and Shiba Inu and Floki Inu are dogcoins. CateCoin is not a dogcoin because its mascot is a cat. It is, however, by its own admission a meme coin – and it is fair to say that, were it not for the way Dogecoin has performed in the markets, it probably would not exist.
Money for memes?
The unique selling point of CateCoin, however, is not the cat, but the fact that it takes the whole concept of meme coins to a new level. With CateCoin, people can be rewarded with cryptocurrency for the actual creation of memes.
The token’s whitepaper says that people who make memes can post them in the network and, once they get 100 likes and 10 comments, they can start earning CATE. However, in order to be recognised as a meme creator in the first place, you will need to have at least 1,000,000 CATE in your wallet.
Memes posted on the CateCoin system also have the potential to be monetised by being turned into non-fungible tokens (NFTs). These NFTs can be bought, sold and traded on the network, with the creator getting a share of the profits. There are plans to bring in a decentralised exchange for NFTs, but a date has not been set. People can also take part in a play-to-earn game called Rise Of Cats on the network.
In terms of tokenomics, there is a maximum supply of 100 trillion CATE. Of this, 45% is set to be burned, with a further 7% going into liquidity pools, 10% falling into the marketing and team budget, and 5% reserved for development. Holders of CateCoin can stake it, in return for an annual percentage yield of 15%, while any transaction made on the network is subject to a 2% tax.
The network was audited by EtherAuthority in July 2021 and was found to be secure.
From the CateCoin whitepaper
According to the crypto’s whitepaper: “For each transaction within the CateCoin ecosystem, 1% of the transacted value will be permanently burned from the total CATE supply and 1% is redistributed to all holders.”
The revenue model includes content farming and NFT minting, of which 35% of total liquidity has been dedicated to the ecosystem rewards, and the NFT aspects and logics are currently under development.
Potential red flags
There are a couple of possible red flags with CateCoin. Neither the token’s website nor the whitepaper list any founders of the network. This may lead to concern among potential investors, who might be looking for transparency and accountability when it comes to making a decision about which cryptocurrencies to buy. We have asked CateCoin about its founders, but have not yet received a reply.
Secondly, while – according to CoinMarketCap – CateCoin exists as a smart contract on the Binance Smart Chain, this is not immediately clear from the whitepaper. Again, this may not mean anything, but an investor who wants to understand exactly what they are investing in might have some cause for concern about this. Again, we have asked CateCoin for clarity, but have not yet received a reply.
CateCoin price history
While past performance is never a reliable indicator of future results, knowing how the coin has behaved in the past can help us when it comes to making a CateCoin price prediction.
Looking at the CateCoin price history, CateCoin launched in May 2021, around the time that dogecoin hit its highest price. CATE started trading on 11 May 2021 at $0.0000007, but the price began sliding down, with problems exacerbated by the great crypto day crash of 19 May. Between 26 and 28 May, the coin reached daily lows that were so far down, its price was all but zero.
There was some recovery, and while the coin stayed in the doldrums throughout the summer – higher than the worst times in late May, but still far below its pre-crash levels – things got better in the autumn. October 2021 saw the coin enter a bull run, going from $0.00000006601 at the start of the month to closing it at $0.000003, a rise of just over 4,444%.
Clearly, things were looking very good for CATE, but it was not until the coin reached $0.0000119 on 10 November 2021 that the all-time high was reached. There was, though, a downside. The cryptocurrency market was hit by uncertainty surrounding the Omicron variant of Covid-19 and the coin fell down, closing the year at $0.000002141.
January 2022 was another time for the crypto bears, and the value of CATE continued to decline. By 15 February the coin met a brief high of $0.000002114, but continued to trade down around for the following weeks. By 26 April 2022, the coin was valued at $0.000001141, representing a 50% loss from its brief peak in February. The descent continued, and by 26 May the coin was worth $0.0000005596, a further 50% loss from the recorded value one month prior.
At the time of writing on 24 June, the token was trading at $0.0000003315 and has a self-reported circulation of 32.64 trillion which, if accurate, would give it a market cap of almost $11m, making it the 3,613rd-largest crypto by that metric.
CateCoin price forecast
It’s time now to look at some CateCoin price predictions. But do remember that crypto forecasts, especially longer-term forecasts, can get things wrong. Also, these sorts of cryptocurrency price predictions are often made using an algorithm, which can change at any time.
Telegaon makes a CATE price prediction that suggests it should trade at an average of $0.000005841 in 2022, before rising to $0.00001298 in 2023 and $0.00001979 in 2024. The same site suggests that the token should get to about $0.00002793 in 2025, $0.00004058 in 2026 and $0.00006013 in 2027.
It should then reach $0.00008568 in 2028 before closing the decade at something like $0.00012210. The site has a CateCoin price prediction for 2030 which says it should hit an average of $0.00017741 that year.
Meanwhile, DigitalCoinPrice gives a CateCoin price prediction for 2022 that suggests the coin should be trading at $0.000000432 in July, representing a 30% upswing. The site forecasts the coin should be worth an average of $0.000000477 in 2023 and $0.000000517 in 2024. The site’s CateCoin price prediction for 2025 is $0.000000668, but then it should go through a bear run, falling to $0.000000582 the following year.
The site predicts a recovery in 2027, though, giving a CATE coin price prediction for that year of $0.000000818. It then sees the coin continuing its upward trajectory to reach $0.00000108 in 2028, $0.00000135 in 2029, and $0.00000152 in 2030.
Finally, WalletInvestor is also upbeat, saying that CateCoin should reach $0.000000899 in one year’s time and $0.00000274 in five years’ time.
A few final thoughts. Firstly, as you have seen, CateCoin trades in fractions of a cent. While this is not necessarily a bad thing – it’s a characteristic that it shares with most meme coins – this could put some investors off. While it would not need to reach that high a price to represent a considerable amount of growth, the small numbers we are dealing with do not make it an eye-catcher for the casual investor.
Secondly, there may well be some concerns about transparency. Neither the site nor the whitepaper gives the name of any founders, which might concern anyone who would like to hold someone accountable for their cryptocurrency. Likewise, it is not immediately explained that CATE operates on the Binance Smart Chain. Again, people who want to get as much information as they possibly can before investing might be discouraged by this.
Thirdly, the meme coin market is getting increasingly crowded and, while the idea of making NFTs out of memes is an interesting one, there is no way of knowing whether it will catch on, and give CateCoin the boost that its devotees will be hoping for. We will have to wait and see what happens.
There are a self-reported 32.64 trillion CateCoin in circulation, with a maximum supply of 100 trillion CATE.
It could be. The forecasts are positive but, then again, forecasts are often wrong. It is also worth pointing out that the crypto market as a whole is going through a bearish phase, so do not be surprised if things get worse before they get better.
Always bear in mind that prices can go down as well as up – and as cryptocurrencies are very volatile, that can happen very quickly.
It might do. What you have to bear in mind here is that while the longer-term predictions suggest that will happen, the markets can often make fools of forecasts.
Remember to do your own research, and never to invest any money you can not afford to lose.
This is entirely a matter for you to decide. Before you do so, you will need to do your own research, remember prices can go down as well as up, and never invest more money than you can afford to lose.