KEYTAKEAWAYS
- Popcat Coin launched in 2022, inspired by a viral meme of a cat named Oatmeal.
- The tokenomics are simple, avoiding complex mechanisms like transaction fees or taxes.
- Despite its popularity, $POPCAT faces risks due to lack of intrinsic value and legitimacy concerns.
CONTENT
Popcat, the memecoin inspired by a viral cat video. Learn about its launch, tokenomics, risks, and remarkable rise in the crypto world.
WHAT IS POPCAT?
Popcat is a wildly popular online game where players click on a cat on the screen, causing the cat to open its mouth and make a “pop” sound. Each click not only triggers a fun reaction from the cat but also contributes to the player’s country’s click count, adding a competitive and communal aspect to the game.
This game went viral during the COVID-19 pandemic in 2021, captivating many internet users worldwide. The cat in Popcat is named “Oatmeal,” inspired by a viral video on Twitter. In the video, a cat named Oatmeal makes a chirping sound at a bug, with its mouth opening and closing in an adorable manner. The owner found it so cute that they decided to create a humorous meme, which unexpectedly became one of the most popular memes online and the core element of Popcat.
In these challenging times, Popcat has provided a simple yet entertaining way for people to connect and find joy through a global competition.
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THE LAUNCH OF POPCAT COIN
In December 2022, capitalizing on the viral success of the game, the team behind Popcat launched a cryptocurrency called $POPCAT on the Solana blockchain.
The official website states, “Popcat is an internet meme that originated in October 2020, featuring two images of a domestic shorthair cat named Oatmeal. One image shows the cat with its mouth closed, and the other shows it with its mouth open in an ‘O’ shape.”
Like many memecoins, the creation of $POPCAT was intended to be fun and amusing. It has no intrinsic value or financial return expectation. $POPCAT is purely for entertainment purposes.
- POPCAT TOKENOMICS
Popcat‘s tokenomics are straightforward, avoiding complex mechanisms like transaction fees or taxes that might deter potential investors.
The initial total supply of $POPCAT tokens was 979,974,293. Of this, 93.1% was placed into a liquidity pool and then burned to reinforce the project’s decentralized spirit. The remaining 6.9% is secured in a multi-signature wallet, reserved for strategic purposes such as facilitating exchange listings, establishing blockchain bridges, and enhancing liquidity. These measures aim to ensure the token’s sustainability and appeal.
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POPCAT COIN RISKS
Despite the bullish market sentiment, Popcat Coin does carry inherent risks. Beyond the general volatility of cryptocurrencies, the potential risks for Popcat include:
- Lack of Intrinsic Value:
Unlike other cryptocurrencies that may have specific utility or functions, Popcat, like many memecoins, lacks inherent value or utility. Its value is primarily driven by speculation and the popularity of the Popcat meme, making it highly susceptible to market fluctuations.
- Legitimacy Concerns:
Although named after the popular Popcat meme, there is no formal connection between the Popcat cryptocurrency and the original Popcat meme game. This disconnect raises questions about the token’s legitimacy and long-term viability.
For investors, it is crucial to consider these factors when deciding whether to invest in such a meme coin. Additionally, proper risk management is essential before starting any investment.
THE DEVELOPMENT OF POPCAT COIN
Riding on the popularity of the meme, Popcat Coin quickly rose to prominence after its launch but soon faced significant challenges.
By Christmas 2022, $POPCAT had reached a market cap of $50 million, an impressive feat for a community-based token without substantial institutional support or listing on major exchanges.
However, controversy erupted when the initial developers attempted to sell 3,000 NFTs at 1.5 SOL each, leading to disputes within the community. This conflict eventually resolved with the community purchasing the token update rights from the developers for $35,000 USDC.
Despite the resolution, the price experienced a downturn, and as the memecoin market entered a bearish phase, $POPCAT‘s market cap stabilized around $5 million.
During this economic downturn, the resilience of the Popcat community became evident. Moderators, content creators, and dedicated members played a crucial role in sustaining the project, laying a solid foundation for future success.
Moving into 2024, their efforts paid off. With renewed interest in the Solana ecosystem and the broader “cat coin” narrative, $POPCAT‘s price surged by 3600% within a year, making it one of the hottest cat-themed memecoins.
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FAQ
- What is POPCAT ?
Popcat is a cat-themed memecoin inspired by images of a cat named Oatmeal, showing two facial expressions: mouth closed and mouth open in an “O” shape.
