A new cryptocurrency called CHITCAT has caught many crypto investors by surprise after it unleashed a mammoth Bull Run that has seen its price surge by 1,260,610% over the past week. The token’s sudden price surge has pushed it to be among the trending cryptocurrencies today.
CHICAT’s price surge comes at a time when new tokens including meme coins like PEPE have witnessed massive price movements partly because of hyped activity on social media platforms and listing on popular cryptocurrency exchanges.
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What is ChitCAT?
ChitCAT is a decentralized messaging dApp that uses blockchain technology and the IBC protocol to offer secure communication solutions.
the messaging dApp is taking advantage of the fact that digital technology is today’s primary means of real-time communication including relying on messaging apps to connect. Its users can communicate in a secure and decentralized environment. It offers a unique feature in the form of a special negative tax system which enables users to enjoy the benefits of the dApp and generate a good income from their investment in the native token.
The dApp incentivizes its native token holders to keep and purchase more tokens. There is a Negative Tax system that rewards token holders and encourages new investors to purchase and hold tokens. Whenever a user acquires CHITCAT tokens, they automatically receive an additional 3% of tokens, which provides an attractive incentive for investment.
On the other hand, when a holder decides to sell their tokens, a Sell Tax of 3% is applied to the transaction value. This Sell Tax is then divided equally into two parts – Buyback (1.5%) and Marketing (1.5%).
Why is the CHITCAT price surging?
There has been a lot of activity on social media about ChitCAT, especially after the messaging app launched its Mainnet.
ChitCAT also recently announced that the CHITCAT staking was live with a staking APR of 12,187%. And a minimum locking period of 7 days. The pool will however be live for 60 days, according to the tweet announcement from the team.