The rise of cat meme coins

Move aside Dogecoin, the feline takeover has begun in the world of cryptocurrency

Cat cartoon collage with crypto graphics                                 
Should you add cat meme coins to your kitty? - Photo: Shutterstock
                                

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The past year has seen a surge in value of dog meme coins. It seemed like only a matter of time that cats would get their day of glory on the crypto market. With Schrodinger (KITTY DINGER) jumping up more than sixfold in less than a week in November and currently valued at $3.13bn, to Catecoin (CAT), currently ranked 10th largest meme coin on Coin Gecko, the demand for all things cat-related appears to be exploding.

But what is a meme coin? What are the best cat meme coins to buy? Does the cat meme coin phenomenon have staying power? And will their value continue to rise?  

Let’s begin with Catecoin (CAT)...

What is Catecoin?

With a maximum supply of 100 trillion Catecoins, 34.37 trillion coins currently in circulation and a price per Catecoin (CAT) of $0.00000399, the current market capitalisation of Catecoin (CAT) stands at $136.29m.

Launched in Spring 2021, Catecoin price is up an impressive 233.1% in the past 30 days and now has 161,000 "hodlers", to use the crypto world expression for long-term holders of a cryptocurrency.

Unlike Dogecoin, which functions mainly as a store of value for payments, Catecoin focusses on the provision of NFTs to coin holders, as well as functioning as a payment system in a computer game and for staking opportunities. Like Shiba Inu, memes play an important role. Unlike dog memes which have been at least partially exhausted by dog meme coins already in existence, there are plenty of cat memes which, while widely popular, have not yet been used in the crypto meme market.

What does Catecoin do? 

Catecoin holders can create and upload memes on the platform, where the rest of the community can see and respond to them. Memes which have been approved are then adapted into NFTs by "minting". The creator receives a portion of the sale proceeds.

While the memes are a significant element, the other elements of the coin are considered equally important. The Catecoin website declares: “We launched Catecoin with the intention to add real value to the meme world. The Catecoin Meme Platform enables meme creators to create NFTs and earn with their memes in a decentralised way.”

Staking is also important. Holders of the coin can earn 15% APY (annual percentage yield) by staking Catecoin tokens in the Catecoin dApp, with 2% of all buy and sell transactions distributed to holders of the crypto.

Holders can also get involved in the “Rise of Cats” game, which in turn offers them a chance to earn CAT. The game, fast-paced and available on player-vs-player and co-operation modes, involves gamers deploying cats to protect a tower from an army of mice. Cat assets can be acquired, traded or collected over the long-term.

Catecoin, available on exchanges like Gate.io, Pancake Swap and BKEX,  has surged throughout November.

On 27 October, the Catecoin price was $0.000001353 before jumping to $0.000009423 by 2 November. Since then, the price has dropped, currently standing at $0.000004065 on 24 November.

What is the Catecoin price prediction? 

Wallet Investor thinks it will rise but not rapidly. The site's one-year forecast for Catecoin stands at $0.000011 while its five year prediction for the cat crypto is $0.000034.

Catecoin is not on the only cat meme coin on the block. The latest out of the box is called Schrodinger.

What is Schrodinger?

Schrodinger (KITTY DINGER) is the new cat meme in town. Launched on 30 October, the crypto is making waves.

With a maximum supply of 100 trillion, all of which are in circulation, and a per coin value of $0.000003079, the cat crypto has a market capitalisation of $3.08m.

Despite having fallen in the latter half of November, dropping more than half of its value in the past two weeks and nearly 30% of its value in the past week, the valuation remains impressive given how new the coin is.

What does Schrodinger do?

The crypto has several product releases in the pipeline, from the KITUP wallet, a multichain wallet designed to integrate multiple addresses on different blockchains, to Kitty Charity, a stray cat foundation, to Kitty Metaverse, a play-to-earn online video game. Schrodinger has already set a launch date for a number of these projects.

On every transaction, the ecosystem charges a 10% transaction fee, 2% of which is redistributed to holders as passive income while 1% is added into the liquidity pool. Another 5% is invested in marketing, while 2% goes into development.

The crypto has already experienced significant volatility. From $0.000002416 on 5 November, the Schrodinger price surged to $0.00001176 on 8 November. Since then, the crypto has dropped, experiencing extensive volatility on a 24-hour period. The price for Schrodinger stands at $0.000003072 as of 24 November.

What is the Schrodinger price prediction? 

Digitalcoinprice sees Schrodinger rising but in a fairly gradual and consistent way. The site predicts the coin will hit $0.0000141590 in 2022, $0.0000165541 in 2023 and $0.0000241809 in 2025.

Obviously, forecasts, especially long-term ones, can be entirely inaccurate. Coin prices can go down as well as up, especially ones which are not well established.

What is Kitty Inu?

Kitty Inu (KITTY), launched on 25 October, is a gaming and NFT DeFi protocol, focussing on play-to-earn gaming as well as metaverse ecosystems. Kitty Kart will be the first game to be built on the protocol, while Kitty Star is an Artificial Intelligence virtual-being currently in development in partnership with Virtual Beings Guild.

There is a 1 trillion total supply of Kitty Inu and 544.465 billion currently in circulation, bringing market cap of the cat crypto to $63.21m.

Kitty Inu price 

Over the past 30 days the price of Kitty has surged more than fivefold, and over the past seven days alone, the coin has risen by 75%.

The crypto has, however, been subject to a fair amount of volatility. It hit its highest-ever price on 8 November of $0.000206, over 30% higher than the Kitty Inu price as of 24 November.

In fact, all the cat meme coins have experienced serious volatility. This means that no matter how much hype you might hear, it’s important to understand prices can go down as well as up and it's best to do your own research than following the rally.

What is the Kitty Inu price prediction? 

Wallet Investor appears to be optimistic when it comes to the Kitty Inu forecast, predicting the price will reach $0.00138 in a year and $0.00652 in five years.

Final thoughts

With dog meme coins marking their space in the crypto world and firmly establishing themselves, there is no reason why cat memes, newer as they are, will not follow suit and ride on the same wave of speculation and demand.

There are hundreds of meme coins and tokens in existence. Coinmarketcap lists 260 top meme coins on its platform, meaning there are at least 260 as of November 2021. 

Meme coins often have very little utility and begin as a joke to be collected or traded by individuals within a community. However, some meme coins have become, like other cryptocurrencies, treated as investments whose value can increase along with popularity and exposure. Some meme coins do have a utility, like being a store of value, providing users with opportunities to play games, to earn or even create NFTs.  

Some meme coins might be a good investment while others will be a poor investment. Depending on your financial goals, some meme coins could fit into an investment portfolio. However, meme coins are extremely volatile as they have no real fundamentals. It is important to do your own reserach and never invest more than you can afford to lose. 

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