Catwifhat (CIF), a memecoin based on the Solana blockchain, has managed to survive not one, but two rug pulls, showcasing the resilience of decentralized projects in the crypto space. Despite the disappearance of its developer, CIF has managed to maintain a dedicated community and continue its journey.
According to NFT_Sloth, an investor in Catwifhat, the project experienced its first rug pull shortly after its launch on December 12, 2023. The project’s founder allegedly dumped 20% of CIF’s supply, cashing in approximately $265 worth of SOL. This resulted in a significant loss of liquidity. However, the remaining investors took charge and formed a new development team to promote the token. Within 11 days, CIF’s market cap had recovered to over $4 million.
Unfortunately, the token faced another setback on December 24, when its largest liquidity provider executed another rug pull, removing 92% of the liquidity and causing a 76% drop in price. Despite this, the development team persevered and continued working on the project. As of April 3, CIF’s market cap stands at around $1.4 million. The 200 million tokens sold by the founder on launch day would now be worth over $250,000.
Catwifhat was created as a follow-up to the successful Solana memecoin Dogwifhat (WIF), which gained popularity in November 2023. The Dogwifhat meme originated on the X platform in 2019 and quickly spread throughout the community. In November 2023, a team of developers capitalized on the meme’s popularity by creating a token associated with it. Influencers, such as Joji, played a role in promoting Dogwifhat and helped it gain traction.
Catwifhat aimed to replicate the success of Dogwifhat but faced an exit scam from its developer shortly after launch. The developer minted 1 billion tokens, sent a portion to different accounts, and deposited the rest into a liquidity pool. With no marketing efforts, the token attracted some buyers due to its similarity to Dogwifhat’s name.
The developer’s exit scam involved selling all their tokens into the liquidity pool, causing the price to crash. However, a group of investors decided to take over the project, forming a new team and attracting more participants. Despite the setback, CIF managed to recover.
The project faced another rug pull when a social media manager, who held a significant portion of the liquidity pool’s value, revoked their access to the team’s accounts and removed their liquidity. This resulted in a catastrophic decline in CIF’s price.
Nevertheless, the team regrouped once again, with new members taking charge of promotion and community engagement. The CIF community is now working on an NFT marketplace that will utilize CIF as its native token. While utility is important, NFT_Sloth believes that memecoins like Catwifhat are predominantly driven by entertainment rather than practicality. The ultimate goal is to achieve mainstream adoption, similar to Dogecoin.
As of April 2, CIF’s price is $0.001451, with a market cap of $1,451,116. The tokens sold by the developer on launch day would now be worth approximately $290,000. Catwifhat’s survival offers hope to victims of rug pulls, showcasing that recovery is possible. However, rug pulls remain a significant issue in the crypto space, with millions of dollars being stolen from unsuspecting investors.