CATDOG Meme Coin: Influencers Shill New Token as Critics Cry Scam

The crypto ecosystem is abuzz as a new meme coin, CATDOG, captures attention. It's not just its quirky name drawing eyes but the brewing controversy around it.

A new meme coin, dubbed CATDOG, has sparked a buzz in the crypto community, attracting attention from both famous influencers and scam watchdogs. While some influencers are subtly promoting CATDOG, hinting at a potential market cap surge, a deeper investigation reveals a concerning narrative.

According to blockchain analytics firm Bubblemaps, a small group of connected wallets is amassing CATDOG's supply in a way that raises red flags. Their research shows that 140 connected wallets now hold 40% of the coin's supply.

One wallet, g3ZJo5, initially sniped CATDOG’s supply, quickly distributing parts to 60 other wallets while retaining 17.7%. At the time of writing, this wallet still holds 14.7%.

“Influencers are going wild over CATDOG, but watch out,” Bubblemaps said in a tweet.

One analysis by Crypto Rug Muncher, an entity dedicated to exposing crypto scams, highlights how several influencers who endorsed CATDOG also promoted other coins that turned out to be scams, leading to large investors losses.

One example is crypto influencer Cyclop, who promoted both CATDOG and ANALOS. According to Rug Muncher, investors lost 99.9% in ANALOS. Another influencer, Klarck, promoted both CATDOG and BALLZ, where investors reportedly lost 99%

Moreover, another analysis by Dethective X (Twitter) showed how a network of influencers tweeted about CATDOG to over 2.6 million followers in total.

“A network of influencers, with a combined audience of 2.6 million followers, tweeted about this scam token 103 times, creating an echo chamber,”

The surge in meme coin endorsements extends beyond crypto influencers, with mainstream celebrities also launching their tokens. In 2023, over 30 celebrities, including Andrew Tate and Iggy Azalea, launched their tokens on the Solana blockchain.

Despite their high profiles, these meme coins suffered an average decline of 94% in value, highlighting the risky nature of such investments.

Andrew Tate’s token, DADDY, was the best performer, but it still dropped over 73%. This decline is largely attributed to the broader market downturn, which affected all 30 celebrity-endorsed coins.

“The numbers don’t look good, but to be fair, this is true of all tokens. Web3 is a fickle beast, and even earnest attempts aren’t always met with success, but this doesn’t excuse the blatant pump and dumps,” crypto analyst Slorg said in a commentary on the matter.