The recent meteoric rise of a new cat meme coin, BONGOCAT, has taken the world by storm, with a staggering 1,500% increase in the past 24 hours and nearly 400x growth since its initial listing price. While these impressive gains raise the potential for further jumps in market cap, the inherent risk of pump and dump schemes within meme coins should not be underestimated. This skepticism is grounded in BONGOCAT’s lack of real utility and the unfortunate precedent of several similarly conceived projects.
BSC Chain-based BONGOCAT aims to foster a community of “diamond hands” to prosper together through its project’s success. Ambitious plans include a play-to-earn (P2E) game set for release at the end of Q4 2023. However, scant details about this game and the overall project roadmap may lead many to question the token’s long-term viability beyond initial hype. Such concerns emphasize the importance of discerning between genuine prospective projects and those without proper developing teams or use cases.
Investors searching for crypto gems with solid foundations may find better prospects through token presales from promising web3 startups. To navigate this vast landscape filled with countless presale projects, many of which may not offer much substance, Cryptonews.com recommends paying close attention to projects that merge the astronomic potential of meme virality with a solid, practical foundation, such as AiDoge (AI).
AiDoge stands out by developing an AI-powered meme-generating tool and social media platform, poised to deliver the next explosive crypto token. Featuring a groundbreaking “Meme-to-Earn” (M2E) concept, this platform rewards creators of popular memes with AiDoge’s native $AI token.
To fund AiDoge’s development, a public presale of $AI tokens is being held, intensifying investor interest as the completion of this stage draws near. Clocking a current value of $14.6 million, the presale is anticipated to conclude once $14.9 million is achieved, making it all the more essential for prospective investors to act fast.
In summary, while meme coins like BONGOCAT may initially dazzle with their skyrocketing prices and ambitious goals, it’s worth approaching them with caution, considering their susceptibility to pump and dump schemes and lack of utility. Instead, investors must diligently assess and focus on projects like AiDoge, which combine the appeal of meme tokens with realistic use cases, thereby offering a more stable investment opportunity.
Source: Cryptonews
