Dogecoin Elon Musk hype inspires Carole Baskin Big Cat Coin cryptocurrency

Elon Musk’s Saturday Night Live hosting gig had a disastrous impact on the meme-driven cryptocurrency, but Tiger King star Carole Baskin is ready to step in.

Baskin, who rocketed to fame as Joe Exotic’s chief rival on the Netflix series everyone watched during COVID, is getting into the crypto game with a cat-themed “alt coin”.

Her Big Cat Rescue has issued a new altcoin called $CAT, which she explained in a press release, “is not a currency for investment, but rather is a purr-ency of our fans to show their love for the cats”.

The coin, described as a “fan token,” will be used to purchase walks at the sanctuary, cat themed merchandise and access to conversations with Baskin and her crew.

“Future plans include a big cat metaverse for virtual visits with the cats … and NFTs which are launching in about two weeks,” says the enterprising release.

The coin is listed on Rally. IO at around $7 but it is not an investment tool.

“I’m investigating cryptocurrencies because I am concerned about the volume of US dollars that are being printed and distributed with nothing to back them up,” Baskin adds.

“I like the idea of putting the power of money in the hands of the people, rather than banks and governments.”

It comes after Dogecoin’s price suffered a 25 per cent drop during Tesla and SpaceX CEO Musk’s SNL debut on the weekend.

The cryptocurrency was invented as a “fun version of bitcoin” by software engineers and adopted as its logo a famous internet meme called “Doge” of a Shiba Inu dog.

Its value skyrocketed after a series of tweets from Musk ahead of the TV appearance, but crashed as he made light of it during a comedy sketch.

Best-selling Australian financial advice author Scott Pape, better known as the Barefoot Investor, has emphatically rejected Dogecoin as an investment play.

— New York Post