Sol Cats, the Feline Competition for Doggie Tokens

A new project on the Solana network looks to rival the major dog-themed meme tokens on the Ethereum blockchain.

By
John Tunney
on
June 2, 2021
Category:
Breaking News

Dogs and Cats

A brand new project has just hit the Solana blockchain, and could become a trend-starter if it takes off. Launched sometime last month in May, Sol Cat looks to be the feline counterpart of the doggie tokens that have become incredibly prominent on the Binance and Ethereum networks. Sol Cat is the first delationary meme token built on the Solana protocol, meaning they have an enormous share of the market simply by first-movers-advantage. The token also looks to provide NFT drops and integrate NFT artists onboard the platform, which could further increase their popularity.

So how does Sol Cat stake up against the dog meme tokens that have populated the Binance and Ethereum networks? Well, as the first (publicly-known) meme token on the Solana network, there exists little competition in terms of tokens providing a similar service. The Sol Cat team has also amassed a huge following on Twitter remarkably quickly, showing a growing community that looks interested in the project. This is perhaps from their choice of felines as a mascot, which is a surprisingly untapped market across most blockchains, considering the popularity of canine-related projects (Looking at you, Doge).


Burnt Out

Although coins like Dogecoin and the Shiba Inu token are remarkably big in their market cap, many speculate the initial hype and momentum has gone down for the protocols. First-mover investors like to jump in early, and it appears that the room for exponential growth is now limited. There is less utilitarian use for these coins compared to other projects, which means that once the exponential growth stage has finished, there is a possibly bleak future on their horizon due to a lack of functionality.

However, with regard to Sol Cats, it appears the project has just started. This usually signals to early investors that there is more of a ceiling in terms of high returns then that of an already established coin. For investors gunning for a 35x on their investment, Solana is ripe for the picking - its notoriety is still relatively low, meaning the extreme growth and returns that are diminishing on other chains could begin to surface on Solana. 


Concluding Thoughts

Although some may write off Sol Cat as a rip off of Dogecoin, they should know that Shiba Inu was and still is a rip off of Dogecoin. Shiba Inu’s SHIB token’s all time high was up 1,7039,701.0% from it’s launch price and currently has the 28th largest market cap on CoinGecko. The future of Sol Cat is uncertain, like all things in crypto, yet some may be willing to risk the potential this token could carry. Their market is relatively untapped compared to other meme tokens that attempted to capitalize on Dogecoin’s success Time will tell if Sol Cat is the next big thing, but at the very least, its deflationary measures and novel feline concept grant it a step up on most meme tokens. 


Sol Cats: Roadmap and Brief Bio

Source

Sol Cats is the first deflationary and cat meme token built on the Solana blockchain. Artists are the core value of the Sol Cats protocol, and they have taken deflationary measures to ensure the value of their native token, further protecting artists using the platform. The aim of Sol Cats is to reward their community through air drops for their engagement and provide NFTs related to cats for their token holders. Their roadmap shows an impressive slate of goals for the remaining quarters this year, and it will be interesting to follow the novel project as they continue to expand.

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John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.