We brought you news of the recently launched cryptocurrency CatBoy (CATBOY) just a few days ago, telling you it was the top earner for that day. However, it’s down an alarming 43.21% today. Some drop was expected after the impressive almost 900% increase last week, but this could spell the end of interest in this crypto if the developers don’t do something with it.
Was CatBoy Ever Meant to Be a Long-Term Crypto?
Lately, we are seeing lots of cryptocurrencies that burn out very quickly. They appear, flare up with incredible gains, and then plummet down so low that no one ever takes interest in them again. These are sometimes scam cryptos that were never legitimate to begin with and then sometimes cryptos that are artificially inflated and then never regain those record-breaking high rates afterwards.
CatBoy is a nonfungible token (NFT) crypto that lets users stake their NFTs into the token. It is designed to appeal to a community of video game and manga enthusiasts, and its white paper aspirations make it seem like it is in the crypto market for the long run. After all, you can’t bring a community together very successfully with a product that is going to flare out and disappear.
It is worth pointing out that the crypto market is still very volatile and may always be that way. Low-ranking cryptos like CatBoy are very unpredictable (it is ranked #3,061), so major ups and downs like this are not unheard of.
Take note that CatBoy did not lose all of its progress from the 900% increase. It was priced at $0.005092 (CATBOY/USD) before the jump, rose to $0.08514 at its peak, and is now down to $0.01952. That’s still considerably higher than it was before, and while it lost a lot of its momentum, it has not lost all of its gains.
The question of whether we will see a repeat of last week’s sensational bullish action is still in the air. It is unlikely unless there is some major new development with the token, but there is definitely still potential for investors to see some really great returns on what they put in to the crypto.
