The CateCoin price is down 35% in the past day, despite BTC and ETH being green on the day, as a CATE news announcement angered investors.
The CATE price chart now is now a broken parabola, a bearish pattern – following an approximately 750% upward move since mid July. The price action resembles the pump and dump CateCoin had around Nov – Dec 2021.
Why is CateCoin Going Down?
The official CateCoin Twitter account built up a ‘big news’ event which ended up just being their acquisition of a dot.com website domain – Catecoin.com to match Dogecoin.com.
The news announcement was also repeatedly pushed back to create suspense, with the CateCoin team making a definitive statement that the news would take the CateCoin price ‘to new heights’.
Many investors began to dump their CATE tokens and reply that the CateCoin project was a scam or rug pull, before and after the announcement.
Will CateCoin Be Listed On Binance?
CateCoin has implied that a Binance listing is in the works for their cat themed meme coin project as far back as May 2021. That month they tweeted:
‘As per plan. We deposited 1% of supply to Binance wallet for future @binance listing. We send this amount from Our Exchange Liquidity wallet. Please note @Binance don’t charge fee for listing.’
A CEX listing for an altcoin ranked #2796 on CoinMarketCap, with a market cap below $50 million and a self-reported circulating supply, seems unlikely. Over the past year, the price action of CATE has not shown any lasting growth—CATE is currently trading below its first recorded price on CMC.
Tamadoge Presale Nears $1 Million
It’s not clear if CateCoin investors are divesting into other meme coins, but millions of dollars has been wiped off the fully diluted market cap of CateCoin in the past 24 hours.
In other meme cryptocurrency news, the beta sale for the newest meme coin, Tamadoge, has raised almost $1 million in the past week.
Tamadoge (TAMA) has a low supply of 2 billion compared to the 100 trillion of CATE and is deflationary, with a 5% token burn on Tamadoge store transactions – which players of this upcoming NFT game use to feed their virtual Doge pets.
Both coins are play to earn tokens, but TAMA doesn’t have a built-in transaction tax like CateCoin, another significant difference.
Quick Reminder That Tamadoge is TAX-FREE pic.twitter.com/ozO14Ffpfz
— Tamadoge (@Tamadogecoin) July 28, 2022
A third positive is the team have already confirmed a CEX listing on LBank for after their launch in Q4 2022, as well as Uniswap DEX. CateCoin has been listed on relatively few exchanges for a crypto project over a year old.
Several Reddit threads in the past weeks have questioned whether CateCoin is a scam coin, and today’s CATE price crash after the website domain announcement will do little to calm investor fears.
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