Playfully described as “it’s a cat, that’s upside down”, UpSideDownCat or the CATCOIN is a meme coin launched on 26 November 2021. The coin took inspiration from a viral internet meme of a cat hanging upside down from a couch and was designed solely for entertainment. It possesses no intrinsic value and unlike other popular tokens, lacks structure.
The token was developed by an anonymous group of creators called Miaoshi Nekomoto, who are also known as Satoshi Nakamoto’s cat, at times. USDCAT was later abandoned by its creators, a while after its lunch, leaving it for the community to maintain. For this reason, the token currently has no active development plans, nor does it represent a serious purpose like most meme coins.
Where and how to buy UpSideDownCat tokens?
Originally launched on the Solano blockchain, that was the only platform UpSideDownCat tokens were traded on for a while. As a token created with no financial expectations, the entire supply of UpSideDownCat amounting to 8.5 billion coins was put into circulation at the time of launch, with no part of the coins being allotted to the founders.
Currently, the token is being traded on various decentralized exchanges including Raydium, the most popular platform where the token is sold and bought, Orca, Jupiter, and Meteora. Since it was first launched on Solana, these platforms pair UpSideDownCat with SOL, the native token of the original platform, when it is traded.
The purchasing process of UpSideDownCat is similar to any other meme coin where you access a decentralized exchange and connect your wallet to proceed with the transaction. With UpSideDownCat, you would need a wallet compatible with Solana tokens to carry out the transactions.
You can pay the gas fees and swap for USDCAT with SOL, Solana’s native token, regardless of the exchange you choose to buy the tokens from. Once you purchase the tokens, you can store them in your wallet, which can either be held or later traded on a decentralized platform.
Also Read: Tokenomics In Crypto: What Is It And How Important Is It?
UpSideDownCat: Price Fluctuations
At the moment, UpSideDownCat is being traded at $0.0001559 on various Decentralized Exchanges. The latest recorded 24-hour variation ranges between $0.0001830 and $0.0003287 where the graph suggests a declining trend.
According to recent data, the current market cap of UpSideDownCat is $1330,143, and with the entire supply of tokens in circulation, the Fully Diluted Valuation (FDV), also known as the maximum market cap, equals the current market cap.
The data also indicates that the 24-hour trading volume of UpSideDownCat stands at an amount of $214,171. Although the token seems to be underperforming with a price increase of 0.74% in the last week compared to an average price increase of 11.80% of similar meme tokens, it is also outperforming the global cryptocurrency market which has recorded a growth of 05.20% within the same period.
Similar to other meme coins, UpSideDownCat is a highly volatile token. The recorded all-time high of USDCAT stands at $0.0006313, on 11 October 2024, whereas the all-time low of the token was recorded on 30 August 2024, at $0.00002099.
With a lack of active development plans or technological advancements, UpSideDownCat remains a speculative currency that has its price fluctuations influenced by meme culture and online trends.
Read More: Crypto FOMO (Fear Of Missing Out): What You Need To Know
Conclusion
UpSideDownCat crypto, a meme coin launched about four years ago, is a pre-pegged token that has no mechanisms tying it to a specific currency value. The community-driven token, although launched on Solana Exchange, is listed on several platforms including Orca, Jupiter, Raydium, and Meteora.
With the creators putting the whole supply of 85 billion tokens in circulation, the currency has no team reserves or taxes, nor does it have any intrinsic financial value or is driven by a serious cause.
As expected of any decentralized meme coin, UpSideDownCat’s price fluctuates greatly. The token’s value is dependent on a wide range of factors such as meme popularity, liquidity, market sentiment, internet trends, and demand.
Although the speculative nature and a lack of development plans for USDCAT raise concerns about its future, this whimsical token is a suitable asset for those looking to be a part of the internet culture involving fun and entertainment, rather than financial gain.
