Dogecoin (DOGE) may be hitting all-time highs this week, but a lover of cats is launching her own altcoin to take on the meme cryptocurrency.
What Happened: “Tiger King” Star Carole Baskin took to Twitter to announce the launch of a cat-themed cryptocurrency called CAT, which is described as a “fan token.”
I’m purring like a bobcat rolling in catnip because we just launched $cat on https://t.co/pH2gCNtQGf Rocketing up to #35 out of 117 & thinking of ways to reward those who join our “pride” of big cat lovers! Learn more at https://t.co/FTxA8iVV0V pic.twitter.com/PxFiXJqA5k
— CaroleBaskin (@carole_baskin) May 4, 2021
Baskin’s Big Cat Rescue, an accredited sanctuary for exotic cats, said it has issued the cryptocurrency to its millions of fans worldwide. The coin is listed on Rally.IO at around $10.
“$CAT is not a currency nor investment, but rather is a purr-ency and the first of its kind as a fan token for supporters of Big Cat Rescue,” according to a statement issued by the sanctuary.
See Also: How to Buy Dogecoin (DOGE)
The cryptocurrency can be used to purchase walks at the sanctuary, buy new merchandise, and for access to conversations with Carole Baskin and her crew. It could also be used — in the future — for a big cat metaverse for virtual visits with the cats and non-fungible tokens (NFTs) that will launch in about two weeks.
Baskin added that she is foraying into cryptocurrencies as she is concerned about the volume of U.S. dollars that are being printed and distributed with nothing to back them up.
Why It Matters: Another cat-themed cryptocurrency is also back in action. MonaCoin (MONA) is trading 27% above the 200-day simple moving average (SMA), which indicates its overall sentiment is bullish.
MonaCoin, established in January 2014, claims to be the national cryptocurrency payment system of Japan. However, the altcoin is down 4.9% in the past 24 hours and is trading at $2.56 at press time.
Meanwhile, Dogecoin has hit multiple new all-time highs this week ahead of Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk’s hosting of the “Saturday Night Live” show on Saturday, where the joke cryptocurrency is expected to feature.