Catwifhat’s first and second development teams dumped all of their tokens and disappeared, yet the token managed to bounce back.
While most exit scams or rug pulls result in the collapse of a project, Solana-based memecoin Catwifhat (CIF) managed to survive two of them, illustrating how crypto’s decentralized nature can sometimes allow a project to continue even when its developer disappears.
In a conversation with Cointelegraph, Catwifhat investor NFT_Sloth claimed that the project survived two rug pulls over 12 days, yet still has a dedicated community behind it today.
First, the project’s founder allegedly dumped their tokens into the open market only a few hours after launch on Dec. 12, 2023, cashing in 20% of WIF’s supply for 3.86 SOL (SOL) (worth approximately $265 at the time) and pulling most of its liquidity. Despite this setback, the remaining investors quickly took over the project, forming a new dev team to promote the token. As a result, CIF recovered to a market cap of more than $4 million by Dec. 23, just 11 days after it had been rugged.
