Catcoin (CAT) price is skyrocketing, is this the right time to invest?

CAT coin price recorded an impressive increase after the FOMO wave coming from a tweet by Tesla CEO Elon Musk in recent days.

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Catcoin price skyrocketed thanks to a familiar scenario

The explosive trend of meme coins in recent times is no longer strange to most investors after the sweep of meme coins on Solana and most recently Base meme coin as observed by BeInCrypto. Taking advantage of this widespread FOMO , another meme coin called Catcoin (CAT) on BNB Chain quickly took the spotlight in investors' portfolios.

The FOMO for CAT coin started with a somewhat innocuous tweet from Elon Musk. On March 20, Musk posted a tweet with a picture of a cute cat. Surprisingly, this tweet has been the main catalyst that has influenced the price of CAT coin since then.

As noted by BeInCrypto, CAT price has increased more than 1,510% in the past 30 days. In just the last 24 hours, CAT price has also recorded an increase of more than 182%, continuously creating new peaks in a short time. Some crypto enthusiasts have expressed frustration at the success of seemingly frivolous Token , while more realistic cryptocurrencies have struggled to gain attention and investment.

Should you invest in CAT coin at this time?

At the time BeInCrypto wrote this article, despite such strong price growth, CAT's market Capital still stood at less than 30 million USD. This raises the psychology and expectations of investors that the price of CAT can increase further to catch up with the Capital of some recently emerged meme coins such as BOME (735 million USD) or SLERF (264 million USD). USD)…

On Catcoin's homepage, whether accidentally or intentionally, this project lists OKX and Binance as the two leading CEX exchanges to buy CAT. However, neither of them currently supports buying/selling of CAT at the time BeInCrypto wrote this article.

Investing in CAT coin at this time can potentially pose countless certain risks. With low Capital and volume , price fluctuations will be high. The fact that many people expect the price to continue to rise will create a wave of FOMO and this may lead to a profit-taking mentality among early-stage CAT buyers.