What is Catgirl and why is the price going up? Investors warned about new cryptocurrencies

THE Catgirl cryptocurrency has clawed its way into the public eye and it’s only been a few months since she made her debut.

But investors interested in Catgirl for their portfolios are advised to do their research – and only invest in things they understand.

1

Cryptocurrencies are very complex and you should always be very careful before parting with money, as you could lose all the cash you put in.

Cryptos are especially volatile, so their values can make large swings with no notice.

Newer cryptocurrencies are also riskier than more established ones, such as Bitcoin, and make you more vulnerable to scams.

What is Catgirl?

The Catgirl coin was created to be used in the Catgirl NFT (non-fungible token) marketplace.

It’s similar to the popular meme coins we’ve seen such as Shiba Inu and Safemoon.

According to the Catgirl site, it’s an in-depth entertainment platform with digitally-engineered collectible Catgirls.

Users can own Catgirls and verify this ownership on blockchain.

The Catgirl NFTs are limited, based on the season. Mystery boxes are offered to determine which Catgirls are obtainable.

Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun: “Like many other so called memecoins, Catgirl attempts to build some semblance of value out of thin air.”

However, he warned that the type of mechanic with a new batch of Catgirl for every season “has come under criticism and linked to gambling in the video game industry”.

He added: “Investment is not a game – it isn’t supposed to be fun.

“It is all about growing your wealth to help achieve financial goals – be it to buy a property or save for retirement – in a way that aligns to you attitude to risk and investment time horizon.”

Why is Catgirl’s value going up?

The value of Catgirl is currently up by 56.42% over the past 24 hours, according to Coinbase.

It’s also up by 406.56% over the past week and by 7,529% over the last month.

The price likely spiked because of a tweet from Tesla chief executive and founder Elon Musk.

He tweeted on Sunday: “Maybe Optimus will have a cat girl version…”

Mr Musk’s tweets have also sparked rallies in cryptocurrencies such as Shiba Inu.

Earlier this month, the entrepreneur, who has a Shibu Inu puppy and posted a picture of it on the social media site, sent the token soaring in value.

However, investors are warned that short term volatility could wipe out any holdings in Catgirl.

Zak Killermann, fintech and crypto expert of Finder, told The Sun: “Nurses seeking to diversify their retirement portfolios by including cryptocurrencies should be wary of projects like Catgirl, as extreme short term volatility could easily wipe out any holdings in the project.

“When seeking a cryptocurrency to use for retirement account diversification, finding the balance between daily monitoring and long-term gains is important — so relying on a project that has years of data and development behind it might be a better choice.”

We’ve also revealed price predictions for other cryptocurrencies including Bitcoin, Dogecoin, Shiba Inu, dYdX, and EOS

This post first appeared on thesun.co.uk