Catwifhat’s developer dumped all of their tokens and pulled liquidity, exchanging 20% of the supply for $265 worth of SOL.
Catwifhat’s first and second development teams dumped all of their tokens and disappeared, yet the token managed to bounce back.
First, the project’s founder allegedly dumped their tokens into the open market only a few hours after launch on Dec. 12, 2023, cashing in 20% of WIF’s supply for 3.86 SOL and pulling most of its liquidity. Despite this setback, the remaining investors quickly took over the project, forming a new dev team to promote the token. As a result, CIF recovered to a market cap of more than $4 million by Dec. 23, just 11 days after it had been rugged.
One of these influencers was “Joji,” who used an Azuki nonfungible token as their profile picture. They were sent an image of this Azuki with the beanie on its head, allowing them to express support for the token through this altered profile picture. Joji began promoting Dogwifhat on their Telegram and X channels, and the token quickly gained popularity.As told by NFT_Sloth, Catwifhat was one of the first memecoins attempting to follow in the footsteps of Dogwifhat.
After the first developer exited, causing high slippage for traders. Yet during the first 10 days after launch, a single CIF investor managed to buy up over 55 million tokens and deposit them into the Raydium liquidity pool, providing enough supply for traders to keep trading. At the time, this investor’s share of the liquidity pool represented approximately 92% of its total value locked. They also became a social media manager for the new team and had access to its official X account.
The next price point recorded is at the start of the following day, four hours after the alleged rug pull had occurred. At that moment, CoinGecko data shows a CIF price of $0.00098130, implying a market cap of $981,300 and a decline of 76%.
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