TacoCat, a new token based on the BEP-20 protocol, has been launched and it announced it plans for growth and expansion. It has been built on the BSC blockchain which is backed by the biggest cryptocurrency exchange, Binance.
We have been covering how the increase in interest and the price of Dogecoin had led to an exponential increase in the number of tokens that are being launched around the crypto world in the hope of generating some buzz and capturing attention of some big investors.
We have also covered on how such cases and tokens should be regulated to save gullible investors from being cheated by such schemes. Most of these tokens are being launched with very little backing or thought and it is likely that many investors could be lured by the fancy ads made by the teams behind these tokens and invest their hard-earned money on such tokens.
TacoCat has said that it plans to launch an online merchandise store for deploying lifestyle accessories that can be purchased. It also says that it wants to bring in collective governance by allowing its users to decide on what needs to be listed on the merchandise store.
It also promises that it would look at ways to share the revenue from such stores but with a logo of a cat, maybe a rip-off of the dog logo behind Dogecoin, it is clear that it is looking to cash in on some of the buzz surrounding Dogecoin. and its continued support from Elon Musk.
The proliferation of tokens which are mainly dependent on investor interest is not a healthy sign for the crypto market. Like in the year 2016-17 when a huge number of ICOs were launched on the Ethereum network in the hope of getting some investor interest and with no concrete plans, we seem to be going back to those times and this is not good for the crypto community as a whole in the long run.
The crypto world has been trying hard over the last few years to gain recognition and with many investors and companies moving to investing in bitcoin and using ethereum for managing their processes, it looks like the time for crypto has arrived. Tokens that are generated and survive purely in hype are only going to spoil the crypto party and hence it is important for all involved to ensure that such schemes and tokens are regulated as soon as possible.