CateCoin Review:Legit or Scam? Do your Due Diligence.

Today, I’ll be reviewing Catecoin. One of the little known meme tokens, crypto enthusiasts are tipping to go parabolic in 2022.

If you are new to this website or my writing, I usually start my token reviews by listing out the things I checked, as regards the token I’m reviewing. These things are usually,

The Website

The White paper

The Liquidity pool

The Market Cap

The Developers of the token

What investors are saying about the token on  various social media apps.

Before I go into that, let me give you a little background of Catecoin. According to coinmarketcap.

Catecoin is Meme coin with feature of Decentralised Meme Platform. They reserved 35% CATE to content farming where tokens are given to content creator whose content is approved and receive minimum 100 likes and 10 comments. Each like and comment by new addresses will give 0.1 Coin to the user and 0.1 coin to creator. All users who hold min 100k coin can post and user with 10k CATE can like and comment. All approved memes will be eligible for NFT minting and purchaser will get all rewards from that memes.

Personal opinion.

“From CoinMarketCap’s description of the token, Catecoin sounds like an interesting meme coin, with “meme” natured utility. Let’s dive into the review proper to make sense of what this coin is really about.” 

Catecoin’s Website

Catecoin’s website is simple and tidy. Merely looking at it, you can tell the brain behind the website know his onion. The layout is beautiful, the colors aren’t clashing. The site is SSL secured, which gives a certain sense of security. In case you don’t know what SSL is. SSL stands for Secure Sockets Layer. SSL’s function is simple. It keeps internet connections secure and prevents criminals from reading or modifying information transferred between two computers. The “video background” gives life to the website.

Scrolling through the description on CateCoin’s website. It introduces itself as;

“The Ultimate Meme CoinDeFi Meme Platform, Staking 15% APY, 2% Reflection, Play2Earn Gaming”

Let us make sense of this meaningful, yet very short statement, by breaking down each seemingly confusing part.

DeFi Meme Platform.

Here, CateCoin says it offers a global, open financial system that offers services that let you create memes as NFT, trade them and do so much more.

Staking 15% APY

For us to understand this, we need to know the meaning of two things. Staking and APY.

Staking in crypto is the process of locking up crypto holdings to obtain rewards or earn interest. While an APY is an Annual Percentage Yield. So, CateCoin promises investors a 15 percent yearly interest, when they stake capital in the Catecoin ecosystem.

2% Reflection

Even when investors in the token don’t stake their investment, Catecoin rewards them for holding the token, by distributing 2% taxed from every transaction on the catecoin ecosystem.

Play2Earn Gaming.

Investors in the token have the opportunity to earn more by playing the native Game on the platform, called the “Rise of Cats”

Ladies and gentlemen, This. Token.  Is.  Packed!

But, I’m not jumping into any conclusions yet, though.


Heard about Wakanda Inu? I have done a solid review of the token.


Scrolling down the website, there’s a live view of the market price of CateCoin and the number of people holding Catecoin. This is the first time I’m seeing that on a token’s website. I think that’s so thoughtful of the CateCoin team.

Tokenomics

Total Supply 100 trillion. For perspective, 100,000,000,000,000. Here is a breakdown of how Catecoin was distributed. The Catecoin ecosystem was allocated 33% of the total supply. Market and Team had 10%. 7% for the liquidity. The Development wallet has 5% of the total supply. 45% has been burnt so far.

In my opinion, this tokenomics is reasonable. I’m particularly pleased with the 45% burn. This deflationary system is designed to make the token more valuable as years go by.

White Paper

There is no white paper on the website. I found this disturbing. There ought to be one, honestly.  This to me is a red flag.

However, they appended reports of the various audit that was carried out on the CateCoin Ecosystem. Which somehow restores confidence in the Project. These audits were carried out by Ether Authorities, a cybersecurity firm based in India. The audits were based on 3 categories. Contract, Staking, Gaming. (I advise you to download and read these reports yourself.)

Generally, the reports were satisfactory, according to the summaries. 

I like the part where they compared Catecoin with Doge and Shiba Inu. That’s where things get interesting.

Liquidity Pool and Market Cap

Catecoin sits on a liquidity pool of around $ 5, 985,590 as of the time of writing this review. However, Poocoin notifies you that 30% of the liquidity pool is in an unlocked wallet. This is generally seen as a red flag. But the 30.22% is in on a Deployer 1 address. Explaining the Deployer address is a little technical, however, a deployer address is a wallet that the developers are currently using to execute transactions (i.e., deploy contracts and/or call contract functions); It has to be unlocked in their environment.

With  39.2%  locked in Legion Network, while 29.45% is locked in Uniscript. About 60% of the token’s liquidity pool is locked, while 30.22% is in a Deployer 1 wallet. This is healthy in my opinion.

The Market Cap is slightly over $582,412,190. This is a massive market cap for a token that just got launched a few months ago. Dog tokens have been leading the meme market for some time now, people are projecting a cat-themed token to take center stage in 2022, and CateCoin is positioning as a big contender.

Developers Behind CateCoin

Developers of Catecoin have chosen to be anonymous. The industry term for it is not being doxxed.  From experience as a  token reviewer, ‘meme coin’ developers find it difficult to reveal their identities. So, I’m not that surprised.  This knowingly or unknowingly to them makes their tokens unappealing due to the level of fraud in the industry.  I hate to say it, but this is a red flag.

What investors are saying about the token.

On Twitter, Catecoin has 62.7k followers. One of the most unique things about this token is that it is verified. This is good, it says a lot about the legitimacy of the project. It shows it has progressively amassed fans and followers over time.  Their account has tweeted a total number of 417 times since it first surfaced (as at the time of writing). One thing I’m however conscious about is the fact that their Twitter account had been functional since 2019. Meanwhile, the Catecoin project  launched in 2021

Investors in this token are currently optimistic. They believe in this project and you can feel the energy in their choice of words.

On telegram, it is the same thing. I didn’t see anyone complain about having issues with selling the token. It was all encouragement and banter.

Conclusion

Catecoin is 95% legitimate. I don’t think the developers are going to steal your money, all things being equal. The community is growing at a fast rate. The token will get more recognition in the coming years. It has important utilities. Their contract has been audited. The place they didn’t meet up to expectations is the white paper (as at the time of writing this review). Again, the developers appear to be unserious about marketing Catecoin. If you decide to invest, be ready to shill the coin.

Please, know that this is not financial advice. I’d like you to consider it an entertaining guide.

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3 Comments

  1. This is one of the best sites I came across on crypto explanation. Taking your time to explain coins as if you are talking to a child. Soooo good. Please can you review biconomy coin?

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