Solana meme coin CATE crashes 65% in one minute as fomo outage fuels new scrutiny
CATE, one of the more closely watched meme coins on Solana, surged from a market cap of just over $2,000 to more than $80 million in a little over a week before dropping 65% in a single minute early yesterday. MarsBit said the selloff was widely tied to two events: the sudden suspension of the token’s X account and an outage at fomo that left users unable to trade during the most volatile stretch. The report argues that CATE’s traction was closely linked to Poorgoat, a high-profile trader on fomo whose public backing gave the token outsized visibility. That made the outage more damaging in market perception, especially after Poorgoat had defended the token as “organic.” MarsBit noted that despite having more than 60,000 holder addresses, the token fell more than 60% on less than $1.5 million in volume within a minute. The episode has also reignited questions around fomo’s rankings, KOL-driven token promotion, address concentration, private-key export procedures, and platform reliability. MarsBit said more than 38,400 CATE holder addresses shown on fomo account for over 60% of the token’s total holder base, amplifying debate over whether the platform merely concentrated retail participation or played a larger role in the token’s market structure.
