The first-ever cryptocurrency was launched in 2008. 14 years later, the exciting technology has taken the world by storm giving us thousands of cryptocurrencies in the process. Since the inception of blockchain, we have seen different applications of the technology, from full cryptocurrencies like Ethereum and Cardano to altcoins and other tokens built on other blockchains.
Even more recently, the world has come to know a new type of cryptocurrency – meme coins. Meme coins, as funny as they sound, are a real thing. The combined market value of meme coins is almost $10 billion. This is even more impressive when you consider that many meme coins were created after 2015.
But what makes meme coins so special? You see, meme coins usually start as jokes. But as they gain wide community backing, they go on to become full financial investments.
Meme coins are famous for not having any known use case apart from being a collector’s item. However, there is one project, in particular, that’s redefining what it means to be a meme coin.
Pancat coin is a meme coin that was created to rival the popularity of dog-inspired meme coins like Dogecoin, Shiba Inu, and Dogelon Mars.
What is Pancat coin
Pancat coin uses a cat as its avatar which makes it perfect for a dog-inspired meme coin challenger. Pancat coin has a rapidly growing community of users and the project is committed to making those users happy. Hence the updates, features, and other community projects being added to the Pancat network. To have a better understanding of what Pancat coin is, let’s take a deeper look at meme coins.
What is a meme coin
A meme coin is a cryptocurrency that’s usually inspired by a joke, a meme, or a viral online image. Meme coins are different from other cryptocurrencies as they usually do not have any use case behind their developments. However, they are still very valuable as they are kept as collector items. As a result, meme coins usually depend on market hype for any price action. This makes them more volatile than other cryptocurrencies.
Meme coins usually have affiliations with someone or something very popular and that in turn contributes to their price movements. Sometimes, that association might be real, other times it might only exist as a rumor. However, this all adds to the popularity and the expected success of a meme coin.
For instance, the most valuable meme coins are Dogecoin and Shiba Inu. Both meme coins are heavily associated with a popular breed of dog in Japan named Shiba Inu. Dogecoin also benefits from its relationship with the world’s richest man, Elon Musk who is a huge outspoken fan of the meme coin.
Dogelon Mars also enjoys a lot of popularity because a lot of people associate it with Elon Musk as a result of its name and its space exploration plans. This has contributed greatly to dogelon mars’ development making it the third most valuable meme coin in the world despite launching in 2021.
So now that we understand meme coins and how they work, let’s continue our exploration of the Pancat meme coin.
When was Pancat coin started?
Pancat Coin went live in the third quarter of 2021 as a group of investors partnered with Polygon to launch the meme coin. In a few weeks, Pancat coin received so much support, that the project began to expand. Soon the size of its community grew to thousands. So let’s look at the Pancat coin token distribution.
How many Pancat coins are there
Pancat Coin was launched with a total supply of 500 quadrillion tokens which is standard for many meme coins.
1% of the coin’s supply was distributed in form of airdrops and promos. Another 5% was used for pre-sale preparations. 5% was also distributed among the 17 team members behind the Pancat coin project. Finally, another 1% will be used for charity projects especially animal assistance projects like saving stray and abandoned cats.
With such a huge supply, some investors have wondered whether Pancat Coin would ever become valuable. The team behind Pancat Coin has put in place strategies to help boost the coin’s price. One of those strategies includes:
Coin burn
As you might know, burning a coin’s supply increases the value through scarcity. The Pancat Coin development team has announced plans to burn more than 50% of the meme coin’s entire supply. Pancat coin will also continue to burn coins periodically as part of its strategy to beat other dog-inspired meme coins. This makes Pancat Coin a hyper-deflationary coin.
What blockchain does Pancat coin use:
Pancat Coin indicated in its whitepaper, a plan to create an eco-friendly cryptocurrency. For this reason, Pancat Coin selected Polygon as the base network for its cryptocurrency. Polygon is one of the fastest blockchains with a block time of 2s and a transaction cost of $0.001.
Polygon is a proof-of-stake blockchain that guarantees speedy transactions and little-zero network fees, unlike Bitcoin and Ethereum which are Proof-of-work networks with high fees.
Just to be clear, proof of work blockchains rely on having computer nodes solve complex mathematical equations to earn the right to validate transactions. Proof of stake blockchains, on the other hand, rely on staking coins in a pool. The network then selects the validator nodes from the stake pools. The more coins an individual has, the higher their chances of being selected as a network validator.
Thanks to its lower energy consumption, proof of stake blockchains are preferred as they are considered environmentally friendly. A feature that the Pancat coin team wanted to add to its cryptocurrency. So let’s look at what makes Pancat coin stand out from other meme coins.
Pancat Coin unique features
Like we said earlier, most meme coins rely on hype for any price action. However, Pancat coin has indicated an interest in challenging other dog-inspired meme coins. For this reason, it has to stand out from other meme coins. Pancat Coin has had to become more than a meme coin.
Pancat coin has announced plans for several projects to make its ecosystem robust. The first is Pancat Swap which is an exchange designed to allow the quick exchange of Pancat coins.
Pancat Swap will make it easy to swap PANCAT assets between multiple blockchains including Ethereum and Binance, thus making Pancat coin available to millions of users across multiple blockchain networks. This will help Pancat Coin on its mission to enter the decentralized finance (DeFi) space.
Pancat Coin has also announced plans to go into NFT production. For those who are unfamiliar with NFTs, they stand for Non-fungible Tokens. NFTs allow people to create digital representations of real-world assets like real estate, art, humans, pets, etc. NFTs allow people to tokenize real-world assets and trade them easily.
Pancat NFTs will also have tokens live on the Pancat network which will make trading Pancat NFTs easy. Pancat coin has also indicated interest to move into Play-to-earn gaming. Play-to-earn gaming allows users to compete for cash prizes while playing their favorite games. Users will be able to easily swap their Pancat NFTs and game assets on the Pancat network.
Is Pancat coin a good investment?
So you might be wondering whether or not you should invest in Pancat Coin. Well, the first thing to know is that investing in cryptocurrencies is generally very risky. The risk is even higher when investing in meme coins as they are mainly driven by market hype. The same hype that can make meme coins very valuable in the blink of an eye is the same hype that can send an entire meme coin project crashing.
Pancat Coin, however, is an interesting project that shows a lot of promise. The project has a continuous burn policy which is supposed to increase its value as it reduces its supply. Also, the network has a host of useful features.
For example, the project plans to introduce games, NFTs, and even a token swap to its network to make it more user-friendly. Pancat coin also has a rapidly growing community behind it and for those of you that know about meme coins, you would know that strong community support is essential to the success of a meme coin.
While Pancat coin shows a lot of promise, it is still a very new project, and so any predictions of future performance should be taken carefully. Make sure you consult a financial expert before making any investments.
Meme coins are one of the most exciting additions to the crypto world. They represent one of the core elements of cryptocurrency which is decentralization. People can attach themselves to a joke or a meme they like, and then go on to build a community as well as support projects they feel passionate about. Meme coins tend to be very valuable even though they are very risky and have few use cases.
Pancat Coin is a meme coin that stands out in that regard. Not only does it aim to challenge other meme coins like Shiba Inu and Dogelon Mars, but it also intends to incorporate other parts of the crypto world into its ecosystem.
NFTS, Play to earn games, and even a token swap is part of the long-term plans that Pancat Coin has set out for its future.
Yes, the Pancat coin project is very exciting but investors will have to watch out as the project is still very new. That’s the end of today’s video guys. We know you’ve had as much fun as us, and so we are expecting you to smash the like button before you leave. Also, don’t forget to subscribe as this channel is a one-stop shop for anything cryptocurrency.