It has never been a dull moment in the cryptocurrency industry, and now there is a new entrant that is receiving bad and good attention. SofaCat, under the trading symbol SOFAC, has recently moved the crypto communities’ needle with its performance and vision of taking the meme coin trend to the next level.
SofaCat is sitting at the relatively lowly position #3303 in the whole crypto market; it has managed to rise to $0.005706 in value and that was after experiencing growth by about 5.91% in 24 hours. This upward movement has taken the token market capitalization to $547,510, which makes it a tiny but promising player in the giant blockchain industry.
Last year, there was a significant increase in trading activity of SofaCat. The trading volume for the period that is providing 24-hour data has now crossed $224,250 – up 42.27% from the previous day trade. The above increase in volume shows that there has been an enhancement of trading traffic and increasing demand for SofaCat which may be due to the awareness and usage of the crypto marketplace.
Arguably, one of the most interesting figures of interest to analysts tends to be the volume-to-market cap ratio, and for SofaCat, this current figure is an outstanding 40.96%. Such a high ratio suggests high turnover results from the trading of the token compared to the size of the market, and thereby, large participation by investors.
SofaCat has a fully diluted valuation of $570,580, and this significantly smaller than the company’s market capitalization. Thus, the rather small gap between the market capitalization and the FDV is indicative of a comparatively large circulation of tokens in total, which should be viewed as a positive sign for investors worried by the dilution effect.
SofaCat has circulating supply of 99,960,000 tokens and the maximum total supply of tokens is 100,000,000 tokens. The self-reported circulating supply is still at 95.96 million tokens, which allows us to conclude that the overwhelming majority of tokens are already in circulation. This sort of token distribution can be perceived as positive by investors who enjoy simplicity in tokenomics.
In the simplest way possible, SofaCat is defined as a light-hearted meme coin endeavor that aims to put smiles on the faces of its users while adding value to the crypto ecosystem. The project’s topic is based on the concept of a sofa with cats on it to make viewers and potential customers laugh and find the concept lighthearted and playful, which is familiar to many people in the crypto sector.
Moreover, meme coins have been known to offer little functionality and utilities while launching, while SofaCat wants to be different, offering a tight-knit community and potentially moving to use cases that are in line with its name and motive. The use of a light-hearted theme in setting up the project makes it very appealing to cryptocope people, which might be one of the reasons it is gaining traction.
Just like any other digital asset investment especially those in this meme coin category, it is very important that investors do so cautiously with SofaCat. The cryptomarket is one characterised by high fluctuations and high price fluctuations in either direction are quite common, and most especially to small token market capitalisations.
However, based on the potential of the business, the growth of its capital proves that many in the crypto space have taken an interest in the recent performance of SofaCat. Every day, thousands of people are discussing the price and potential of this token and the reasons that can push it to new heights on social networks and in crypto forums.
Going forward, investors and analysts will be keenly observing the coming weeks and months performance disclosures of SofaCat. The things to pay attention too are sustains trading volume, the addition of new exchanges, and any update or news from the project team that may foster adoption and thus increased asset value.
All in all, the appearance of the new young company – SofaCat, in the cryptocurrency market is also rich in the creative approach typical for this area of business. Though the meme coins have not tried to stick with market sustainability to present a very clear picture, how long they can sustain this meme-coin market further remains questionable; at the same time, it also remains uncertain. The fact that this little dog is able to present such a surge in minutes and has a completely different concept itself has captured the attention of many people. However, as with any prospective investment, one should always do their homework on risk assessment, and when it comes to ICOs and cryptocurrencies generally, one should proceed with caution.
