CATE Supply Concentration Raises Alarms Among Traders

CATE, a memecoin linked to Kabosu, the Shiba Inu behind the Doge meme, has raised concerns due to its high supply concentration. According to data from on-chain analytics firm BubbleMaps, 25 wallets control nearly 20% of CATE's total supply.

This concentration warning affects the over 75,000 traders who have invested in CATE, which markets itself as a 'DOGE sister'. The data also shows that 53,500 of these wallets are currently in profit, with some investors making significant gains. However, BubbleMaps questions how long these investors will hold onto their investments.

The owner of Kabosu, Atsuko Sato, has disputed the connection between her and CATE, stating that an old Instagram post was used without permission to create a tie between her and the token. She advises buyers to verify any token claiming to have her endorsement before investing.