Resilient Solana Memecoin Survives Two Rug Pulls

Catwifhat, a memecoin based on the Solana blockchain, has managed to survive not one, but two rug pulls, which is when the developer disappears and the project collapses. Despite these setbacks, the project’s dedicated community has kept it alive. The first rug pull occurred just hours after Catwifhat’s launch, when the founder dumped their tokens on the open market and removed liquidity, resulting in a significant loss for investors. The remaining investors rallied together and formed a new team to promote the token, leading to a recovery in its market cap. But then, the token’s largest liquidity provider executed another rug pull, causing another drop in price. Despite this, the dev team continued to work on the project and its market cap currently stands at around $1.4 million.

Catwifhat was created to follow in the footsteps of Dogwifhat, another memecoin on Solana. The Dogwifhat meme gained popularity on the X platform in 2019, and a team of developers saw an opportunity to capitalize on it by creating a token associated with the meme. They sent edited images of influencers’ profile pictures with the Dogwifhat beanie to promote the token, which quickly gained traction.

Catwifhat’s developer allegedly executed an exit scam shortly after the token’s launch. They minted 1 billion tokens and sent them to a deployer account, then distributed them to other accounts and deposited the majority into a liquidity pool. The developer sold their tokens and removed liquidity, leaving investors with essentially worthless tokens. Despite this setback, a group of large investors decided to take over the project and formed a new team to promote it.

After the first rug pull, one investor bought up a significant number of tokens and deposited them into the liquidity pool, allowing trading to continue. This investor eventually revoked access to the team’s X account and removed their liquidity, causing a sharp decline in the token’s price. This event, along with the silence of the team’s Telegram group and website admin, led to suspicions of another rug pull.

Despite this second setback, the team regrouped again, with new members taking on key roles in promoting the token. They are also working on an NFT marketplace that will use Catwifhat as its native token, providing the token with utility. The ultimate goal of Catwifhat is to gain mainstream adoption, similar to Dogecoin.

As of April 2, Catwifhat has a market cap of $1.4 million, and the tokens that the developer sold on launch day would now be worth approximately $290,000. The survival of Catwifhat offers hope for victims of rug pulls, although it is important to note that many victims of other projects have not been able to recover from similar events. Rug pulls have been a significant issue in the crypto space, with millions of dollars being stolen from unsuspecting investors.