One of the cryptocurrencies that’s gathering a tremendous amount of attention right now is Catecoin (CCC:CATE-USD). This is for good reason. Catecoin prices have taken off, with the CATE crypto currently seeing gains of more than 70% over the past 24 hours alone.
What’s behind this move?
Well, it appears there’s a tremendous increase in investor interest in the crypto world around meme tokens. Catecoin appears to be a token that bridges meme status and DeFi functionality.
Let’s dive into what investors are looking at with Catecoin right now.
Catecoin Prices Surge on Meme Token Mania
Catecoin describes itself as “a cat-themed decentralized meme based cryptocurrency which provides platform to meme makers.”
Essentially, developers can use Catecoin’s DeFi meme platform to create memes and reward creators of other memes. Given the rise of various cryptocurrencies like Shiba Inu (CCC:SHIB-USD) of late, and the general interest in memes, this sort of space is very intriguing for investors. As the native token of this network, users can pay developers with CATE tokens.
Traders can profit off of the rise in CATE by holding the crypto, or using it on the platform. Crypto users can also turn their memes into non-fungible tokens (NFTs).
There are stipulations with regards to how users can engage with Catecoin currently. However, the minimum investment of 5 million tokens to get on the platform and start creating memes or NFTs remains affordable for many investors. That is because, even after its 70% rally today, Catecoin trades for $0.000005455. Thus, it’s expected Catecoin prices could have more room to run from here.
So why is this interesting to investors? First, Shiba Inu and Dogecoin (CCC:DOGE-USD) have shown that investors have a huge appetite for meme tokens. Catecoin, by facilitating the creation of memes, has taken the concept of meme token to the next level. This has led the team to advertise that it is superior to both SHIB and DOGE.
Just how long this meme token mania can last remains to be seen. However, there are clear reasons why crypto investors are moving their assets to more speculative options right now.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.