As a long-time Dogecoin enthusiast, it wouldn't be a surprise if Elon Musk had built his own blockchain altcoin. In early April, rumors abounded that he had founded RatCoin (RAT), a cryptocurrency supposedly named after the 2021 Chinese year of the rat.
Unfortunately, those rumors are just that. For the time being, at least, it seems Elon is far more interested in Bitcoin and, for Twitter meme purposes, Dogecoin. Nevertheless, here's everything to know about Ratcoin and those rumors about Elon's involvement.
What to know about RatCoin:
The bitcoin supply maxes out at 21 million. The RatCoin supply is much higher at 9 billion. The blockchain was built using an algorithm called Scrypt POS. According to the website, "The goal of the project is quite simple: deploy a fun coin that will ever infest your life."
The origin of the rumor that Elon Musk is responsible for founding Ratcoin are unclear, but according to the coin's official Twitter, he wasn't involved in its development and is not an investor. Not that they wouldn't welcome his investment in the meme coin.
However, as far as meme cryptos are concerned, it seems Elon is "all in" on Dogecoin. And even with DOGE it seems more like a source of amusement than a significant investment. He has claimed on twitter to buying a few DOGE to teach his son about blockchain.
A price prediction for RatCoin
RatCoin is nowhere near the top of the cryptocurrency domain. Having just been made public on February 18, 2021, the coin has a way to climb. According to Blockspot, RatCoin's market cap is $921,166 and the current circulation is 1.8 billion coins. RatCoin's value probably won't make substantial moves until the full supply of 9 billion coins is reserved.
As of April 5, RatCoin is valued at $0.00967719—a 22,090.3 percent increase. RatCoin's historic peak occurred on Feb. 22 at a valuation of $0.001.
The viral rumors of Musk's influence are bound to bring RatCoin to sizable heights, but I have a feeling that it will be some time before the altcoin catches on. The Tesla CEO seems to be putting his eggs in one cryptocurrency basket, and that is Bitcoin, given that he recently announced the EV company would now accept payment in Bitcoin and would not convert coins received into fiat currency.
How to buy RatCoin
Currently, RatCoin lists on three exchanges:
- Freak.Exchange (a security-focused platform for exchanging cryptocurrency assets)
- Bololex (a crypto exchange and entertainment platform in one)
- Stake Center (a pool staking and exchange center for crypto)
Windows users can utilize RatCoin wallets to hold their virtual dough. However, this accessibility hasn't seeped over to Apple or Mac operating systems.
Among altcoins, RatCoin is still very alt. With that in mind, it's a bet that some are willing to take if they think Musk himself advocates for it.