Most memecoins are inspired by pets. Among pets, dogs are the most popular. Cats are gradually making their presence felt in this segment. One example is the Catwifhat (CWIF) asset.
The name is a clear reference to the already famous Dogwifhat (WIF) token, represented by a Shiba Inu dog wearing a crocheted hat. The icon of the feline coin wears the same accessory as the dog — an attraction that encourages more and more people to join the blockchain ecosystem.
Solana memecoins
The Catwifhat meme cryptocurrency is another one that emerged on the Solana blockchain, known for the large number of tokens of this type. The reasons are the low transaction fees and the support for sustaining multiple simultaneous transactions.
An application called Pump.fun runs on the network, which has a user-friendly interface for creating memecoins. Once developed, they are placed in a "maturation" period to discover their potential for appreciation. If they pass this phase, they become available to users.
Launched in December 2023, the memecoin Catwifhat has seen a very significant appreciation. As it is still one of the few coins inspired by cats, feline lovers soon became interested in acquiring it.
Popularity of memecoins
Catwifhat is one of the newest meme coins. Among them, DOGE is one of the most famous, whose best-known supporter is the tycoon Elon Musk. PEPE, SHIB, BRETT and WIF are also notable tokens represented by dogs.
There are two tokens inspired by felines that stand out. One of them is MEW and the other is POPCAT, whose official website has a picture of a cat. When the user clicks on it, the animal opens its mouth and makes a noise similar to "pop".
Innovative burning
Despite being a memecoin, the CWIF token has a bold form of excessive burning. With each transaction made, 4% of the total coin is burned. According to the developers, this prevents devaluation and excess coins in circulation.
This new way of burning tokens makes sense. The total supply is 78 million units. According to the creators of the currency, the average number of units burned is 318.65 thousand per hour. In 30 days, that's 229.43 billion units.
These 78 trillion tokens were released since the first day of Catwifhat's circulation, and have been burned ever since. On the holders' side, there are more than 1.6 million holders. The market value exceeds US$ 22 million.
Trading on DEX and CEX
Catwifhat is available for sale on DEXs (decentralized exchanges), which run on Solana, such as Jupiter. They do not have intermediaries, that is, the transactions are made directly between users.
The currency is also present on CEXs (centralized exchanges), whose 4% burn rate is different from that of DEXs. It can happen more than once in the entire buying and selling process. There are also exchanges that charge the 4% up to 3 times.
You can stake the token on Raydium, a DeFi (decentralized finance) platform to provide liquidity for the system. Holders can leave the currency blocked to earn income from transactions made on the network.
Learn more about cryptocurrencies
Catwifhat is not just a memecoin represented by a cat: it has a complex burning system to avoid scarcity. Learn more about this and other currencies, as well as blockchains and investment tips, on the NovaDAX website.
