CatCoin Token Review: Is CatCoin A Scam?

Hey you, Good morning. I have to first apologize for not being as consistent as I’d love to. The thing is, I have been going through my Ukraine and Russia moments. I do not want to bore you with my personal life challenges. So, I will straight to today’s topic or why you decided to click on the link. Cat Coin is a token I have known forever, but for some odd reason, I have not had the desire to write about it. This token was launched sometime in December last year, however, it exploded this month.

We will be checking out this token, to find out if it is another dressed-up scam or whether it is a safe project to invest in. Therefore, this review is for those looking to invest in CatCoin, for those who are curious about the token, and perhaps for those who have already invested in the token.

But before we begin, you have to first know that “I’m not a banker or a financial adviser. I will not be held responsible for your financial decision. It is totally important to fact-check the things I say and make your own conclusions.  This article is just a guide. Consider it entertainment.”

With that said, let us check out what Cat coin is.


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What is CatCoin?

According to coin market cap.com, Cat coin is a community-driven token based on a meme with a big dream and was created by Miaoshi Nekomoto for the cat community. In addition, the project develops applications to provide its community with various tools and simplify the crypto world for new investors. Coin market cap lets us understand the token is a meme coin with 2 central objectives. These objectives are tools building and simplifying crypto for all and sundry. Let’s check out Catcoin’s website.

CatCoin’s website

The developers of Catcoin website seem to have chosen to be brief. There isn’t much description on the website. I tried to download catcoin’s white paper, it was a futile attempt. I like that what appears to be the token’s description is an offer to be a part of a community. You can see they aren’t initially promising heaven and earth. They are trying to build a community first. The general design of the website is basic. It no surprise one of the token’s project, on it’s road map, is to redesign the website.

Catcoin claims to be safe. We will explore whether this is true or not through third-party websites.

Tokenomics

Catcoin token has a total supply of 1 quadrillion. This nature of supply is typical of meme coins. The token is deflationary, even as we are not told how deflation in the token ecosystem works. Curiously,  unlike other tokens, Catcoin doesn’t tell us whether it adopts a tax system or not. Catcoin ticker name is Cats. Through the website,  we find out that the token has been renounced and the liquidity. We will however verify this information, through token sniffer.

CatCoin Token On Tokensniffer

On tokensniffer,  Catcoin token is rated a shocking 100%. You do not see that all the time. According to tokensniffer, Catcoin taxes investors a small 2%. This means that investors get to pay a 2% tax upon every buy and sell of catcoin. Again, we confirm through token sniffer, that the developers weren’t lying when they said that the token has been renounced. Being renounced means that the developers have surrendered the token to the community. This sort of minimizes fraud. It however makes the contract rigid.  There are no whales in Catcoin token ecosystem. The only drawback of this coin is that the contract is not original. Again, although most of the liquidity pool is locked/burnt, we do not know the lock time frame.


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Developers Behind the Cat Coin

The developers behind Catcoin token are nameless and faceless, that is, they are undoxed. Undoxed projects like this are suspect, however, the contract is safe, because it is renounced and the liquidity is locked/burned. Usually, when developers are undoxxed it is a red flag. Because the long-term survival of the project is determined by the skill and expertise of those behind it.

Conclusion

In conclusion, CatCoin seems legit. Although the contract is not unique, it is renounced. The developers have minimal control over the token. The liquidity is locked.  However, this token comes with its own risk. We do not know who those behind the project are. Their skillset and experience level. The long-term survival of this project depends on these. If you are a long-term investor, these are the things you should consider. The token currently has 20,000 investors, who are happy with the dev team? And you can argue that the token is still in the early stages of its roadmap.

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