Catgirl Coin, Dress-Up NFT ecosystem (BSC Token, $1m mc, 2 months old) : altcoin


Who doesn’t like catgirls, right?

This is a cross between a deep dive and a rundown of Catgirl Coin since its creation. It might sound a bit shill-y, but I’ve tried to include the controversies and concerns that the community has had, as best as I could.

 

Disclaimer: I’ve spent a lot of time in the Catgirl Coin Telegram since the coin’s creation. I’m a holder and general catgirl weeb. I posted this once on the daily thread on Cryptocurrency subreddit, which maybe 100 people saw and it received a net 0 upvotes. I also posted it on smallcoincaps, but it was removed within 20 min.

TLDR

Catgirl Coin is a BSC token created 2 months ago by a team of 3, focused on purchasing varying rarity of NFT Catgirls via a “gacha” style random pull. With Catgirl NFTs you will be able to farm coins, level up, collect clothes & accessories, dress-up, share & like other holder’s catgirls, enter into fashion contests, buy body pillows. Its current marketcap is about $1m, has ~20k holders limited to 1% max holdings each. No presale. Fair Launched. LP is locked for a year. Audited by Solidity Finance. While it has meme-ability, it is not a meme coin, but rather a NFT coin (specifically, a dress-up NFT game).

The coin has no shill army, and the devs priority is on developing the gaming platform instead of mass marketing. It’s proven difficult to stick out from all the low effort BSC coins, but hopefully as the ecosystem comes online, marketing will increase and people will discover its potential. First NFT Airdrop and Mystery boxes are scheduled for release this quarter.

0x79ebc9a2ce02277a4b5b3a768b1c0a4ed75bd936, CMC, CG, Website

Intro: BSC Tokens

The Binance Smart Chain (BSC) token marketplace is a wild wild west for shitcoins. Smart contracts are easy and cheap to create. Transactions are fast. About a thousand tokens are created on the BSC every day, and most (purposely) die within a few hours, either through unlocked LPs, devs selling their coins, or some other scam tactics. Only a few of them a week ever get listed on CMC or CG.

If you’ve watched BSC tokens, you know the typical pattern. A coin is created, and an army (sometimes paid, sometimes just moon seekers) of shills go out and pump it on all the popular moonshot sites and social media. They set up a Telegram, which is full of the hideous and stereotypical pump memes. Almost everyone tries to buy in early, and “beat the system” by timing their sell. Most will find they can’t sell at all due to the contract forbidding it, or the transaction tax set to 100%. So, the typical BSC scam token will either pump and dump, or pump and then flatline when the devs pull the rug.

It’s hard for a token that actually has goals and a roadmap to succeed. First, they have to battle the pump and dumpers. They’ll shoot the token value way up, and then they will all dump and move on, leaving the token with an ATH that is very hard to reach again in the short term. For weeks and months following, all potential investors will see is a mirage — a perception that the coin failed and is never going to recover, when the reality is there might be a team still hard at work on the real deliverable.

Enter Catgirl Coin

Catgirl Coin is one of those tokens that has a real product idea and a realistic roadmap, with real milestones completed.

They are almost 2 months old (created at the end of May). They had no shill army when they first started up, but when the moon seekers discovered the coin (mostly by the CMC entry), they did their standard pump and dump, and the price went up 25x, then down 20x within a week.

At first, Catgirl Coin’s vision was a bit fuzzy. They started with a cute website, a gimmicky lottery, and theme song, and all the shitcoin-style tokenomics — Anti-Whale, 50% burn, burn on transactions, coin reflection. They had some positives, like 1-year lock on the LP, and a fair-launch instead of those scammy pre-sales. While anti-whale sounds like a gimmick and can be bypassed with multiple accounts, it still has helped to greatly spread out the distribution of tokens.

Hidden in a long web page of shill words and fancy throbbing web widgets, they briefly mentioned their goal — a catgirl NFT marketplace, where you could not only buy a Catgirl, but you could buy wearables and dress up and customize a generic catgirl.

Honestly, at first, it was hard to tell if they just threw that in there to get people excited, or if they were serious about it. Later it became clear that this was the goal they were striving for.

Early Marketing

Catgirl Coin’s early marketing started out like any other shill coin. Promote the coin on the moonshot sites, add the token to the listing sites and vote, vote, vote. Get listed on CMC and CG. Get audited (Solidity Finance). Get on an exchange other than PancakeSwap (Hotbit). The biggest problem was, there was no shill army to back up the kind of guerilla marketing needed. The owners didn’t hire an army, and the initial moon shot groups all came and went after they got their quick bucks. The most unique marketing they had was a tiktok contest, which resulted in dozens of entries, and a few amazing e-girls dressing up as Catgirls, dancing to the theme song.

With no shill army, the devs switched tactics (or, perhaps, emphasized their existing tactics) — focusing on developing the items on the roadmap. They removed the “recruit influencers” from their roadmap, and pushed further CEX listings down the road. The goal was to get a product out to prove they are serious about the coin’s future, and aren’t just in it for a quick buck. It’s easier to shill a coin once they have a working product.

Initial Product Development

The Catgirl Coin team consists of 3 members. It’s hard to tell if they are all working on the product full time or not. Progress is being made, but progress is slow. It’s hard to quantify, since all the other BSC coins are so rapid-paced, not very well thought through, and hardly ever deliver on a product.

Their first dev project was to have a custom swap site. I’d say it was ½ gimmick and ½ good marketing. A few other coins have done this — clone PancakeSwap, skin it, set the defaults so that the coin is there by default, add some cute ‘nyaa’ sounds on purchase. Does anyone use it? Maybe one or two people, but I doubt any more (I could be wrong). On the one hand, it seems really cheesy and low effort, but on the other hand, it creates a catgirl universe and envelops the user in a feeling of cute weebness. From a dev perspective, the swap site was the base work for their hub, where the future of the NFTs, mystery boxes, farming, dressing-up, trading, and social market will be.

The devs estimated 1 – 3 weeks to have the swap site running. They finished it in a week. It was cute. The price jumped, but not even close to the ATH, and then dumped a little in the days after. This pattern of price pumps and slow dumps is now typical with the coin — whenever there’s a major new announcement, there’s a spike preceding it, and a slow sell over the next few days. I’ve seen it happen at least 4 times now.

Whitepaper

Next up was the whitepaper. Finally, that small section on the website about buying Catgirls and dressing them up came to life. They previewed bits of the whitepaper, explaining there will be “fully dressed” catgirls to purchase, customizable catgirls, and accessories. Each will have a rarity attached to them, and the customizable catgirls can be leveled up. Accessories will be linked to catgirl level, and you’ll be able to show off your custom catgirl in a social hub where you can like other people’s catgirl coordinates. They also introduced the idea of two utility tokens, used for leveling up your catgirl, adding more farming slots and possibly buying epic catgirls. These utility tokens will be earned via LP staking, and liking other people’s catgirls. All of these concepts can be read in further detail in the Official WhitePaper.

The whitepaper announcement caused another price spike, and a larger spike when the whitepaper was released a week later. Of course, each spike had a slow sell afterwards.

Probably the most exciting part of the whitepaper, at least in the short term, was news of Mystery Boxes. These are gacha-style, where you will spend $CATGIRL, and get a NFT based on the rarity rate drops. This falls in line perfectly with the anime-theme of the coin, and the thought of catgirl and anime fans desperately wanting the rarest items has driven a lot of the hype.

Hunkering Down & Developing

The next few weeks after the whitepaper release were rather empty and lacking in almost any marketing. For those who frequented the Telegram chat, we received several updates in the progress of the development. News of wireframes being almost done, NFT smart contracts being completed.

It wasn’t until early July that a NFT Airdrop for existing catgirl coin holders was mentioned. So far, we know there will be Legendary, Epic, and Rare catgirls, and they will be claimable in phases via a portal which will be similar to the Mystery Box functionality. The minimum coin holding, the amount of airdrop prizes, and number of phases are TBD, probably because they want to base it on the distribution of token holders closer to the release date. No date for the Airdrop has been set yet.

In mid-July, the team announced the artist who will be doing season one of the NFTs. You can see the artist’s style on iJac Ray’s pixiv account. It’s very pretty and cute. With the artist’s name release, prices spiked 2x, and then dropped 1.5x-ish over the next few days.

The most recent update from the team was an announcement that the lottery was being converted to filling the LP, at least until NFT Farming Pool is up and running. More importantly, the team announced they will be using Chainlink for their VRF (verifiable random function) and that they negotiated a reduced cost so that the Mystery Boxes can be affordable. Also, Chainlink will be helping with the marketing of the NFT, which is potentially significant considering the lack of marketing so far.

SafeCat partnership

Catgirl Coin wasn’t completely lacking marketing during the dev phases. In early July, a partnership was formed with SafeCat. The exact arrangement between the two coins is a bit unclear, but holders of both coins took it as permission to shill each other’s coins and share project announcements. SafeCat is a Kitten Adoption Social Network. There’s a ton of BSC coins out there claiming they are donating to some non-profit (pets, wildlife, eco, whales, etc, etc). Most of these coins lie and are gone in a week. Safecat appears to be different, and is still alive after 3 months, with no signs of closing up shop.

As with every significant announcement, the price spiked 2x, and then dropped 1.5x-ish over the next few days.

Current State

Marketing is now starting to ramp up. The catgirl logo has been redesigned to be more cute and sugary. They’ve begun revealing some of the Mystery Box catgirls in a “who’s that pokemon” format.

However, marketing is still severely lacking. There are over 6000 telegram users in the channel (unpaid, unlike some of the scam BSC coins), but very few leaders. Everyone is a follower, and the overall feel among the community is that loud shilling is annoying and only brings in pump-and-dumpers, which long term is a net negative.

Short term, the air drop and Mystery Boxes are almost ready, which everyone is banking on being the ‘big push’ for spreading the coin. Everyday the hype builds in the telegram chat, as well as the impatience for new information and specifics.

Controversies

Every coin has their controversies. Catgirl Coin isn’t immune.

The lottery system was probably the first controversial system. It was designed to take a percentage of transactions and place them in a pool. When the pool hit a limit (10T coins), a random holder was chosen. In order to win the lottery, you had to have a minimum amount of holdings (It started at min 10T, but was dropped to 1T later).

The lottery controversy was due to the poorly coded winner selection. Instead of picking only from holders who qualify, it picked any holder, and if that holder didn’t qualify, the coins went to the dev account (!). For a coin just starting up, this smelled like a scam. As the holders increased, the vast majority of lottery winning ended up in the dev account. The devs would manually burn these coins, but initially, there was no mention of that on the website. Anyone investigating the coin on their own, would have only seen a whole bunch of coins going to a dev account. The proper solution would have been to either have the lottery only pick people who qualify, or, at the very least, send unqualified winnings directly to the burn address. Unfortunately, the logic was written directly into the smart contract, and you can’t change the contract code without creating a new contract (which would have caused more damage to the brand).

Eventually, the web site was updated to explain the mechanics of the lottery, and the whole thing was spun as a great way to burn more coins. Just recently, the lottery was completely removed, as the devs were starting to feel the burn rate was too high (61% of coins have been burned so far).

The second controversy revolves around the Liquidity Pool. LP isn’t bought immediately upon each transaction. Rather, it’s built up in an account, and the devs manually create the LP and lock it. Much like the lottery controversy, this gives you the feeling that the devs could be plotting to take all your coins. Furthermore, when the team does add to the LP, they sell ½ the coins for BNB, which causes a pretty significant dip if they don’t do it often. As you can imagine, seeing a major dip caused by the devs makes people angry and worried.

The third controversy is the lack of marketing. This, I believe, is mostly a difference in strategy. The official team, being small, decided to focus on product first, and seem to have almost no time for any huge marketing campaigns. The dedicated fans of the coin have started to echo this sentiment, and now act rather negatively to the idea of shill armies or Elon-begging. However, people who are just discovering the coin are often in a different mindset — they see all the other BSC coins with shill armies and how they are on the top of the shill polls. They wonder why Catgirl Coin isn’t doing the same. They know guerilla marketing works, because they see it over and over again, but often they forget that after guerilla marketing, the coin usually dumps and they move on to the next coin of the hour.

While the first two types of controversies are potential red flags, the interactions between the official team and community have calmed many worries. Active development, frequent progress updates, and actual deliverables have all helped the community gain trust in the developers and their goals. This is a harder sell for people outside of the Telegram group, who don’t see the interactions between the devs and the community. The risk is still there and is real, so always use caution. As they say, DYOR.

Onwards & Final Thoughts

Trying to break out from the “BSC shill coin” world into the “valid NFT project and dress-up game” is difficult to do. Shilling on the moonshot sites doesn’t work well because the coin is “too old”, or “won’t 1000x in the next hour”, so it’s ignored. Shilling on more serious sites such as r/CryptoCurrency (ie. a new thread) would be laughed at because the coin is too new, or doesn’t remove some middleman or revolutionize the financial industry in some way.

There are paths to the mass market. The obvious one is anime fans, so promotion on sites related to anime would probably do well. But most people, anime fans included, hate shill armies coming in and blasting them with crap posts. So, ultimately, the marketing is going to have to come from the team, probably with paid sponsor spots, booths (or paid Catgirls handing out cat ears or pamphlets) at conventions, etc (I made those all up, the team hasn’t officially mentioned the specifics of a marketing plan)

There is solid potential for this coin. The dress-up game industry is huge. Fans of dress-up games are usually completionists, and will spend tons of money to get the rare accessory to put on their doll. For me, the feel of Catgirl Coin is similar to LoveNikki, which during its peak, made $300 million a month on micro-transactions. LoveNikki is a bit more complex in that it has a huge story mode with well written characters, but at the heart of it is a bunch of fans all wanting that rare piece of clothing so they can put it on their doll and show them off in contests.

The coin also has a huge potential in the anime community. Catgirls and anime go hand in hand. Almost everyone loves catgirls. They are cute, and portray an air of fun and innocence. The degenerates in the community drool over lewds, while the normal anime fans appreciate the cuteness and vow protection.

Painting a full picture of the ecosystem will be a big challenge. It’s difficult to describe in simple terms how staking LP gives you $PAW tokens, which can be used to level up your Catgirl, which gives them more NFT Farming power, which generates more Catgirl Coin. How each Catgirl and wearable has a nya score that affects their energy level when farming. How you can show off your catgirl for likes and get $MEW tokens, or sell them or their wearables on the marketplace. Each of these processes rely on each other, and have the potential to hook fans into holding, spending and locking (LP/farming) their assets. It’s all there in the whitepaper, but bringing it out into a consumable media item is going to be an interesting task.

Diving deep into the game dynamics, we can see that once LP Staking and NFT Farming is in place, it feeds upon itself. Existing holders who are waiting on the Mystery Boxes, will spend their coin trying to get rare catgirls. This will feed the NFT farming pool, while not affecting the price of the coin. New fans will be buying $CATGIRL so they can purchase Mystery Boxes, which will drive the price up. The LP Staking doesn’t reward in $CATGIRL, but in $PAW, so any staking will only reduce the price if people sell ½ their $CATGIRL for BNB in order to stake. People will probably be more interested in NFT Farming though, since it rewards you with $CATGIRL. In order to farm, you need to buy Mystery Boxes to get catgirls (again, raising the price of $CATGIRL). When your catgirl farms for long enough, she will run out of energy, which means you’ll have to either buy another Catgirl NFT, or LP stake to get enough $PAW to re-energize her. In order to farm at a higher rate, you need to either level up your Catgirl NFT or increase your farming slots, both of which require spending $PAW, which in turn requires more LP staking, which should result in more $CATGIRL being purchased so that staking returns enough $PAW. Everything is designed to keep the user involved in the Catgirl ecosystem and discourages anyone from selling their $CATGIRL for another coin.

One last topic is physical products. Having a place where you can create your own Catgirl is cool and all that, but then having the ability to print her out on a body pillow sounds like a sure win. Maybe a body pillow is too weird for you, but if you go to anime conventions, you’ll see just how popular (and creepy..) they are. Body pillows are just one example though. The team hasn’t made an official list of items they are thinking of, but you can easily imagine badges and buttons to put on your ita-bag. Mugs, posters, t-shirts and all the standard “cafepress” style items are probably likely. Real products are probably way down the roadmap, but they are a great way to generate awareness of the brand, especially if they are being shown off by fans at conventions.

 

This concludes my CatgirlCoin Talk. Thank you for coming.



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