Catwifhat (CWIF): Sharing the Throne With Dogwifhat (WIF) on Solana
Cat-themed meme coins have recently been all the rage on Solana (SOL). The success of projects like cat in a dogs world (MEW) and Popcat (POPCAT) clearly shows that the crypto community is highly receptive to meme coins whose story revolves around cute felines.Β
In December 2023, another meme coin project riding the current "catomania" wave emerged on Solana. Catwifhat (CWIF), however, is unlike the majority of other cat-themed meme coins: it has a unique deflationary property that might pique the interest of the most conservative among crypto investors, in addition to the hordes of meme coin enthusiasts. Four percent of each transaction involving the CWIF token is burned, gradually reducing its total supply while increasing its scarcity, and, hopefully, its value as well.
Key Takeaways:
Catwifhat (CWIF) is a cat-themed meme coin based on the Solana blockchain.
CWIF's popularity is growing fast, with the token's holder base having grown to over 1.2 million per the project team's estimates.
At least three similarly named tokens are in the market, albeit with different tickers. Still, CWIF is the absolute leader when it comes to popularity and trading volumes.
What Is Catwifhat (CWIF)?
Catwifhat (CWIF) is a Solana-based cat-themed meme coin. It's one of the several projects contributing to the current wave of popularity surrounding cat-themed cryptos on Solana and other blockchains. Featuring a unique deflationary property, Catwifhat burns 4% of each transaction, significantly reducing its overall supply and marking it as among the most aggressive deflationary characteristics in the industry.
The CWIF token was launched in December 2023, with an initial supply of 77.78 trillion. Less than five months on, the token's aggressive supply-reducing mechanism has driven its total supply to about 36.5 trillion (as of May 7, 2024), with more than half (53%) of the initial supply burned. Currently, nearly half a trillion CWIF tokens are being burned every month.
In addition to the main CWIF cryptocurrency, the Catwifhat developer team has also released the Pixel Catwifhat NFT collection, whose pixelated cats comprise 1,000 items and feature 13 different cat hats as one of its key features. Enjoying significant popularity among NFT enthusiasts, the collection has some of its most valuable items, featuring asking prices of up to $100,000. Currently, Cat #189 is the Pixel Catwifhat NFT with the highest asking price, at 1,035 SOL ($150,417) on the popular Solana marketplace Tensor.Β
Catwifhat (CWIF) vs. Dogwifhat (WIF)
The Catwifhat project was undoubtedly inspired by an earlier meme coin, Dogwifhat (WIF), which was launched in November 2023. Themed around a Shiba Inu dog wearing a hat, Dogwifhat quickly became a meme coin sensation. By early 2024, the WIF token rose to the third position in market cap rankings among meme coins, behind the well-recognized leading duo β Dogecoin (DOGE) and Shiba Inu (SHIB). As of May 7, 2024, WIF has amassed a market cap of $3.4 billion.
Compared to WIF, CWIF's market cap of $18.66 million looks exceedingly modest. However, itβs seen an impressive growth spurt within just one day.
Additionally, CWIF's exhaustive supply (measured in tens of trillions), active airdrop campaigns and extensive reach among meme coin enthusiasts ensure that the token is ahead of WIF by a mile when it comes to the sheer number of holders. According to some estimates, the unique number of WIF users was around 69,000 in mid-April 2024. On the other hand, the CWIF project claims to have a holder base of over 1.2 million.
CWIF vs. CIF vs. CATWIF vs. CATHAT
The popularity of the cat with a hat meme has led to the launch of several (to be precise, four at the moment) tokens all sharing the same name, catwifhat, but using different capitalization styles and tickers β CatWifHat (CATWIF), CatwifHat (CIF), and catwifhat (CATHAT).
At least two of these, CATWIF and CATHAT, are recent entrants to the market and are likely attempts to piggyback off CWIF's popularity. The CIF token, despite being launched around the same time as CWIF, is also hardly a competitor to the latter; it has been embroiled in at least two rug-pull events, and is far less popular than CWIF among meme coin enthusiasts.
A cursory look at the four tokens' typical trading volumes also speaks volumes, no pun intended, about their relative popularity. As measured on May 7, 2024, the 24-hour trading volume for CWIF stood at around $4.79 million, while CATWIF, CIF and CATHAT registered volumes of under half a million, around $15,000 and under $150, respectively.
Where to Buy CWIF
The CWIF token is still not widely available on major centralized exchanges (CEXs). Among decentralized exchanges (DEXs), two Solana-based platforms βJupiter (JUP) and FluxBeam (FLUXB) β offer CWIF swap pairs. Currently, you can buy CWIF with Solana's native SOL token on FluxBeam, while Jupiter offers two cryptos for buying CWIF β SOL and USDC.
Closing Thoughts
The popularity of cat-themed meme coins is skyrocketing, and the CWIF token is at the forefront of this surge. While the token still features a relatively modest market cap, at least in comparison to the likes of Dogwifhat, Dogecoin and Shiba Inu, it has already amassed a highly impressive 1.2 million user base. Many of these have been attracted by the image of a cute cat sporting an adorable hat. Also, it wouldn't be a stretch to say that the token's unique deflationary mechanism has lured a good chunk of this user base.
As CWIF transactions heat up, that 4% burn rate ensures that the token's supply decreases quickly, and with the decrease in supply comes the value of scarcity. Those who hold onto CWIF for a longer while might find themselves in possession of a truly scarce and valuable asset in the future β that is, of course, if the crypto community's obsession with cats stays strong.
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