Behind each token is a purpose. For many meme-based tokens, the purpose is to function as an alternative currency: a trend which even the well-known Dogecoin follows. But while Dogecoin users have a ‘pack mentality’ of increasing profitability, the newest meme coin for cat lovers (in true cat fashion) couldn’t care less.
Released on Uniswap this year, the new ‘Sad Cat Token’ ($SCAT) bills itself as self-cleaning, independent, and charity-driven token—the very first charity-based meme coin project (quite a meowthful to say the least) and an innovator in the social token space.
Sad Cat Token’s anonymous pet-loving founders, headed by ‘The Mad Catter,’ had altruistic intentions from the get-go; the team built the project around donations for cat-based causes. This is done through publicly verifiable donations on crowdfunding platform Go Get Funding, which hosts causes ranging from supporting cat rescue shelters to hosting kitties in need.
When users participate in the Sad Cat community, they get to personally nominate kitties to help. Specifically, each Saturday (or ‘SCATurday’ as the community calls it), three causes are put up for a vote. The winning cause will receive the equivalent of 9,999,999 SCAT, which comes from a Donation Wallet. A higher token results in a higher donation, resulting in better help for sad kitties far and wide.
While the initial plan was for a donation collection every two weeks, the passionate response to the token has enabled the team to make donations a weekly affair. Since it’s based on regular donations, the Sad Cat project fulfills its charitable purpose because the community knows it will always make a difference: regardless of price fluctuations.
The process is fully transparent, as users are able to view full and visible documentation of each donation on the Sad Cat Token website, Twitter, and Telegram channel.
Now where did the Sad Cat Token originate? As mentioned before, Sad Cat Token was launched on February 6, 2021 at $0.00000650 per token. A key obstacle facing the Sad Cat team was the fact that it, as a charitable community project, left its funds for marketing and budgeting lacking.
In fact, the team performed zero fundraising before launch, apart from a very tiny sale that went directly in the locked liquidity pool that allowed trading to commence. Despite these setbacks, the coin quickly picked up steam, and within the first twenty-four hours over $1 million USD accrued in trading volume.
The token initially had nine reserve supply bins tied to price milestones but these were quickly completed by March 13, 2021. As a result, this reduced the supply by 82.5% (around 17.52 billion tokens) and increased token scarcity.
But this wasn’t the end for Sad Cat Token – far from it. On March 16th, 2021, Sad Cat Token was listed on the Coin Gecko market (a market tracking website). The very next day, the token priced reached a whopping a $0.00027946: about a forty-three times return on investment!
Despite being composed of long-time friends and investors in the crypto space, Sad Cat Token was the first crypto project that the team had ever launched. When asked what drove them take the plunge, the team replied, “One thing the world can never have enough of is charity, so this is a way to use the market interest in blockchain and crypto to do a little good and help the people who work so hard to help animals.”
The Sad Cat Token craze has inspired similar charity projects, which the team gladly welcomes.
So what does the future hold for Sad Cat Token?
One goal is for the project to become 100% community managed in the future, honoring the project’s grassroots origins and building a core foundation for those who believe in the spirit of the project: helping furry friends in need.
Another is to be flexible and to see how much good can be done through a tokenized charity utilizing a speculative asset. From the Sad Cat team’s perspective, tokenized charity opens up a pandora’s box of potential economic dynamics (none of which is to be taken as financial advice).
For example, a speculator may decide to leverage trade the token, opens longs on Saturday before adding capital, and then proceed to do Twitter/Telegram marketing to boost the donation price in a cyclical manner.
In this situation, the speculator gains not only a potential “win” through financial gain for himself but “wins” for others by increasing charitable donations.
Such an event has the potential to lead to semi-elastic market effects, attracting more speculators and so on. While this example may never play out in real life, the possibility highlights the extreme growth potential in the social token realm— growth which Sad Cat Token is proud to be part of.
While the Sad Cat team cannot fully disclose its future projects, the group is speculating on adding an NFT (non-fungible token) element with unique and charitable dynamics.
“Ultimately, the truth is impossible to predict,” the Sad Cat team said. “The markets, while mathematical, have a certain, almost mystical and organic quality to them. So if you think that your idea could make a difference, just put it out there and see what happens.”
And what a worthwhile idea it is. Many sad cats around the world are soon to become happy cats — all thanks to Sad Cat Token and its kitten-crazy community.