Google Trends shows that searches for “Buy Pancat Cryptocurrency” are rising these days. That’s weird to me since the project seems to have been abandoned. In this post, I’ll explore this new meme coin called “Pancat” and explain why you should avoid buying it.
For those who really want to, I will show you step by step, how you can buy Pancat coin as an investor.
Read on for everything you need to know about Pancat.
What is Pancat cryptocurrency?
Pancat is a new blockchain-based cryptocurrency that aims to antagonize popular dog-themed coins such as DogeCoin, Shiba Inu, Floki Inu, etc. The creators of the coin hope to attract a user base by appealing to people’s playful side. Using an entertaining tone, Pancat’s creators describe how they will work to put an end to dog tokens’ dominance. Similar to dog coins the token supply is massive at 500 Quadrillion.
This makes Pancat coins appear as if they are super cheap and could appeal to naive investors as the supposed upside might be massive if the coin ever reaches a nice round number like a dollar.
Of course, all of it is nonsense.
The problem is that some meme coins, such as DogeCoin, did take off and became a massive success based on these same principles. Speculative behavior could potentially cause a price rally but the chances of this happening are pretty slim. You might as well try your luck out at a casino or by playing the lottery.
However, two aspects distinguish Pancat from dog-themed coins.
The first is the blockchain itself. Pancat uses Polygon which is a respected layer 2 scaling solution for Ethereum. This results in transaction fees being extremely cheap.
Secondly, the Pancat team says it has many projects in the pipeline such as an NFT exchange, a swapping protocol to swap tokens, and an NFT generator where each pancat owner will be able to mint their own cat-themed NFT profile pic.
There are also games planned. In addition, they plan to use proceeds to sponsor cat shelters.
However, I see no evidence of these projects being materialized.
Pancat launch and pre-sale
Pancat launched a token pre-sale on their site in the last quarter of 2021 but has gone quiet since then. At the time you could buy Pancat cryptocurrency directly from them by hooking up your wallet. (BTW, If you don’t know what that is then check out my article on what is a crypto address)
Note that the roadmap in their whitepaper indicates that Pancat should have done loads of things by now which they haven’t.
Let’s take a look at their tokenomics.
Their whitepaper says that for each transaction they will charge a commission of 6%.
4% of this is distributed to existing holders according to their holdings. So the more Pancat you hold the higher amount of commissions you get.
The project says it will burn more than 50% of all tokens as it completes its projects. When I check Pancat holdings on Polygonscan that seems to be the case as there is a Null address that holds 50% of the tokens. The majority of the remainder is still with Pancat at 49.9%
How to Buy Pancat Tokens?
The only place where you can buy Pancat is the QuickSwap exchange. QuickSwap is a decentralized exchange for Polygon. Like how Uniswap is the decentralized exchange for Ethereum.
Given that the liquidity pool is only $8, I don’t think you should make a purchase.
During their launch, Pancat also had a custom page where you could make your purchase. However, that page is no longer active.
However, if your heart is set on buying Pancat tokens follow these steps:
Steps to buy Pancat crypto
1. Connect a wallet
First, you need to get yourself a wallet. If you have no idea what a crypto wallet is then I suggest you start with MetaMask. MetaMask is a browser extension that allows you to connect your wallet to Web3 websites such as decentralized exchanges.
Check out this guy’s instructions on how to go about installing MetaMask:
2. Choose a Crypto Exchange on Which to Buy Pancat Crypto
You cannot hook up your bank account or credit card to MetaMask. So, to transfer money to your wallet, you need to convert your cash into something that is crypto-native. The only cryptocurrency that you can buy Pancat with is USDT. If you have been living under a rock, USDT is a stablecoin where 1 USDT = 1 US dollar.
There are dozens of reputable exchanges. However, you need to be careful and make sure that the exchange is legitimate and trustworthy. Make sure you choose a legit exchange if you plan to use your credit card. Most reputable exchanges will also allow you to fund your account with cryptocurrencies, such as Bitcoin (BTC) or Ethereum (ETH). If you don’t have any cryptocurrencies and don’t know where to get them, you can also fund your account with fiat currency.
3. Fund Your Account
There are two ways to fund your account: You can fund your account with fiat currency, or you can fund your account with cryptocurrencies. Let’s break down both of these options.
Option 1: Fund your account with cryptocurrencies
If you already own cryptocurrencies such as Bitcoin or Ethereum, you can fund your account with those currencies instead of fiat currency. To do this, select “BTC” or “ETH” as your funding currency. – You can fund your account with any currency you’d like. Simply make sure that you select the correct currency and that you’re depositing that currency into your account
Option 2:Fund your account with fiat currency
If you’ve never purchased cryptocurrencies before, you’ll likely be more comfortable buying tokens with fiat currency. To do this, select “USD” or “EUR” as your funding currency and transfer money from your bank account to your exchange account.
Let’s see how you would go about doing this.
Go to Coinbase or Binance or one of the large exchanges and do the following
- Set up an account
- Verify your details. Usually, you do this by uploading a passport photo and utility bill
- Transfer some cash. You can expect to incur higher fees if you use a credit or debit card. But this is faster than making a wire transfer which might take a few days
- Since there is very little Pancat available I think you are better off just using your card.
- Once you have transferred cash to the exchange you can trade it to buy your USDT.
Follow these instructions if you want a more detailed walk-through on how to go about this on Coinbase
4. Transfer your USDT to your wallet
This step is super easy but if you have never done it before it might seem unusual. Here you need to go to your exchange, select your USDT, and find the option to withdraw. When you click on withdraw it will ask you what network you want to use and where you want to send your money. You need to select the Polygon network. To find the address go to your MetaMask extension in your browser and select the string of numbers where it says account. You need to make sure you are on the Polygon network on your Metamask wallet. You can select it from the drop-down.
Once you click on “transfer” or “withdraw” on your exchange, the USDT will appear in your MetaMask wallet.
That’s it you are now ready to connect your wallet to QuickSwap
5. Connect your wallet to QuickSwap
Visit quickswap.com and click on “connect” in the top right. If it says wrong network it means you need to switch your Metamask network to Polygon. You can do that by clicking on the drop-down in your wallet at the top right.
6. Buy Pancat cryptocurrency
Click on the swap tab. In the drop-down where it says “From:”, click on the default token that is showing. This is probably going to be MATIC, Polygon’s native currency. When you click, a search bar will appear. Search for USDT and select it.
Next, you need to select the “To” field. Here, when you type Pancat in the search bar, Pancat won’t appear. To find it you need to paste the Pancat contract address which is 0x8449c099d8fbf892d6e6cb3ad29db5e4f4dce6e3. You can verify that this is the right contract address by checking the official website for Pancat coin.
Once you’ve selected the trading pair, you’re ready to buy Pancat tokens. Enter the amount of Pancat tokens you’d like to purchase. You’ll then be prompted to confirm the transaction, review the transaction details, and finish the purchase through your MetaMask wallet. Once your transaction has been completed, your Pancat tokens will be deposited into your cryptocurrency wallet.
You are now the proud owner of some Pancat.
6. Check your wallet
You can check your Pancat balance in your wallet itself. However, to make the balance show you need to import the contract address
- Open the MetaMask extension in Chrome.
- Select the tab that says Assets.
- Scroll down and click Import tokens.
- Select the Custom Token tab.
- Paste the contract address above in the Token Contract Address field.
- Click Add Custom Token.
- Click Import Tokens.
Is Pancat crypto a good investment?
Absolutely not. The project seems to have been abandoned and smells of a rug pull to me. I am not sure why people are still searching for how to buy Pancat, to be honest. Maybe some influencer is still singing its praises somewhere. I’d be curious to know why you searched to buy Pancat cryptocurrency if you care to comment below.
Pancat seems to have been abandoned around February. Their last Tweet was on the 17th of February. The contact details on Telegram take you to a Russian profile with the last interaction being in August. When you click on the buy button on their site it takes you to QuickSwap. However, when you visit the liquidity pool on QuickSwap there is almost 0 liquidity to trade. There is only about $8 worth and the rest seems to have been withdrawn. The total value transacted and withdrawn since inception is about $25,000.
Final Words on whether you should buy Pancat cryptocurrency
I am going to continue monitoring this space. If anything exciting happens with Pancat, I will update this post. But for now, the project looks dead to me. If you want to buy Pancat cryptocurrency the only way to do so is on QuickSwap. Given there is so little liquidity I am not sure if that transaction will even go through. I wouldn’t waste your valuable time and money with Pancat. If you want to explore other weird coins that are trending check out CLM coin.
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