Well, the crypto community is coming to terms with the reality that meme coins are increasingly becoming extremely powerful. While DOGE, SHIB, and AKITA among other meme coins have shaken the crypto community, it’s clear that all of them have been created as a ‘joke’ with the value fully reliant on their large community willing to participate in its growth.
For the first time, we are coming to meet the first animal meme coin with an actual use-case rewarding meme creators with CATE. The token falls under the category of utility tokens, which is simply a digital token that is issued in order to fund the development of the cryptocurrency, and the same token can be used to purchase goods and services offered by the issuer of the token. In this article, we discuss the new animal meme coin, Catecoin, its algorithm, mechanism, and why it’s different from its meme coin counterparts like Dogecoin (DOGE) andShibaInu token (SHIB).
What is Catecoin (CATE)?
Catecoin is a Deflationary Decentralized Meme Coin that gives opportunities to content creators to create memes and earn from their creativity. Well, the earning is not only restricted to meme creators, but also to meme lovers who earn by simply liking, commenting, and sharing content. Hodlers earn 1% of every transaction on the platform.
The revolutionary Catecoin was launched on May 8, 2021, creating a new horizon in the world of meme and content farming. The token works on the principle of decentralized finance (DeFi), which is one of the main reasons why it differs from other existing meme coins. As the only DeFi meme platform, the content farming platform aims to help its community of meme creators earn from their creativity. A few days after its launch, the token had Bear Run, which was attributed to the panic caused by the news that Ethereum co-founder, VitalikButerin, was about to dump his 50% ShibaInu coins he was given by the founders of this other meme coin. However, Catecoin began its recovery and is already taking back its losses. Well, sometimes shaking off paper hands can be a good thing!
Catecoin Features and Reward Mechanism
Catecoin is telling the world that even memes can only be created by creative people and that the creators should be able to earn from their skills. Hence, the platform has adopted the mechanics of a DeFi protocol while simultaneously incorporating memes. As it stands now, Catecoin is presenting better community-oriented features than its senior counterpart Dogecoin.
Catecoin has redefined its promotional aspects. Here, anyone holding CATE can create memes and upload them on the platform. The other community members of the platform will access and interact with uploaded memes. With the feature of Decentralized Meme Platform, Creators reserved 35% of CATE to content farming. In this approach, tokens are given to content creators whose content is approved and receive 100 likes and 10 comments. Each like and comment by new addresses will give 1.0 Coins to the user and 0.1 coins to the creator. The platform is designed to automatically sieve users who can like or comment on a meme. That is, users who hold a minimum of 100,000 CATE can post, while those with 10,000 CATE can like and comment.
The cutting-edge feature Catecoin is striving to exploit its utility platform. As you can remember, Dogecoin received its unprecedented price rise when Tesla’s Billionaire Elon Musk tweeted about the dog-like meme coin. However, this is not the case with Catecoin, which is more a utility coin than speculations. The coin offers the better utility of a meme creation system, alongside its unique promotional approach.
All approved memes shall have passed the criteria for NFT minting and the purchaser will get all rewards from that meme. The sale proceeds from the NFT will be shared with the creator. As you can see, Catecoin offers novelty and runs on a decentralized network, giving incentives as well as having a burning mechanism. Dogecoin, the first-ever meme coin, lacks these features. In most cases, the rise in token value happens when the rise in demand rise compared to supply. However, with the utility coin, more assurance is given by the fact that when people are using a utility token, its price is likely to rise.
The WSUM Network Planned Listing
WSUM Network has recognized the entry of Catecoin into the crypto community with its unique proposition. Catecoin, unlike the many animal meme coins, is the first utility-based token with a real usecase. As you may have noticed, utility tokens are being targeted and preferred by mainstream crypto investors because they tend to offer more value with better assurance than other more speculative tokens. In other words, more risk-averse crypto investors would prefer utility tokens, because they believe it offers them more security than other tokens that are only reliant on speculations from community members.
As a creator, you can earn from your creativity by joining the Catecoin community, as the token offers content farming opportunities. You can share your content and earn from the response from other community members responses. The unique burn mechanism and limited supply increase the value of the CATE token, which is beneficial to hodlers who get rewarded. The creative community can also sell their memes via NFT minting.
But this is not an approval article, therefore, as a creative or an investor, you must proceed with caution when purchasing new tokens that are being listed. As such, you need to read more on how to be safe on BSC as an investor.
WSUM Network, a leading wrapping & staking community for blockchain projects, is planning to list Catecoin (CATE). The blockchain is aiming to help its community members access the first meme coin with a real usecase. With its powerful technology supporting its revolutionary smart contract mechanism, WSUM Network community members will be able to access CATE on the platform, as well as swap against WSUM, safely and conveniently.