Why did Star Wars Cat (SWCAT) crypto soar over 2600%? Is it a scam?

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Why did Star Wars Cat (SWCAT) crypto soar over 2600%? Is it a scam?

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 Why did Star Wars Cat (SWCAT) crypto soar over 2600%? Is it a scam?
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Highlights:
  • Star Wars Cat has a distributed network and uses blockchain technology to conduct peer-to-peer transactions.
  • SWCAT is the native token of Star Wars Cat, and it can be used in all trading environments under the SWCAT ecosystem.
  • The total supply of Star War Cat tokens is 10 billion, and it has a maximum supply of 233.6 million.

The cryptocurrency market is going through tough times as geopolitical tensions between Russia and Ukraine have worsened over the past few weeks.

Amid turbulent times, when the global crypto market cap recorded a 4.3 per cent decrease over the past day, a cryptocurrency gained 2614.52 per cent at the time of writing.

According to CoinMarketCap data, Star Wars Cat (SWCAT) crypto was trading at US$ 0.00007184 per token at 8 AM EST. The one-day volume of Star Wars Cat crypto was up 6898.19 per cent at the time of drafting.

What is Star Wars Cat?

As per the official website, Star Wars Cat (SWCAT) is a non-fungible token (NFT) concept development and a role-playing game (RPG). Using the underlying blockchain, the assets on the chain are produced, collected, propagated, and developed, among other functions.

Star Wars Cat has a distributed network and uses blockchain technology to conduct peer-to-peer transactions. The official website mentions that players can exchange and communicate without a third party.

As an NFT product, the Star Wars Cat platform features unique cats, and each series of cats are produced through the collaboration of a team of artists.

In addition, every unique cat can join in the cat metaverse game and participate in farm mining, communication, and entertainment.

SWCAT is the native token of Star Wars Cat, and it can be used in all trading environments under the SWCAT ecosystem. The total supply of SWCAT tokens is 10 billion, and it has a maximum supply of 233.6 million.

Also Read: What is GoCryptoMe coin?

According to CoinMarketCap data, Star Wars Cat has a self-reported circulating supply of 212.7 million. The cryptocurrency is listed on cryptocurrency exchanges like PancakeSwap (V2) and Decoin.

Bottom line

Cryptocurrency is a highly volatile market, and massive price surges of lesser-known cryptocurrencies should be treated with caution.

Star Wars Crypto                                                                                        ©2022 Kalkine Media® 

Notably, there was no apparent reason for the massive price hike. There have been numerous instances when the token price increased dramatically and then faded away within no time.

The official Twitter account of Star Wars Cat has been suspended, which happens when an account violates the rules of the micro-blogging platform.

Also Read: Why is KNC crypto grabbing attention?

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