TAMPA, Fla. - You’ve likely heard of cryptocurrencies like Bitcoin, and this week there’s been a lot of hype around Dogecoin.
But how about Big Cat Coin?
Carole Baskin, CEO of Big Cat Rescue, is starting her own cryptocurrency.
"It’s not a purr-ency, it’s a currency," Baskin explained to FOX 13’s Dan Matics.
Dogecoin features the face of a Shiba Inu dog, so it’s only appropriate that cats have their own cryptocurrency, too.
Unlike the more respected bitcoins, Dogecoin was created years ago as an online joke – used as an informal tipping system in online circles. But after a lot of hype building over the last six months, with a little help from Elon Musk and Mark Cuban, Dogecoin had a market capitalization of around $80 billion Friday afternoon.
Matics asked Baskin, "Do you think with the publicity you have, the weight you have, that [Big Cat Coin] could be something that takes off on a major exchange?"
"I’m being told by people in the industry that it could with its name recognition, and the fact that people love cats so much, and there’s so much buzz, but that’s not what it is right now," Baskin said.
Baskin insists people should not view Big Cat Coincat as an investment like they might bitcoin or Ethereum. It can only be bought and then sent on the rally.io network for around $11 a coin. According to rally.io, the network "enables creators to launch independent economies powered by the Ethereum blockchain."
"It’s a way for our Big Cat Rescue fans to join together to tip each other back and forth with," Baskin explained.
Cryptocurrencies, unlike the US dollar, aren’t controlled by a government. You can buy and hold it, just not in your hand. Each coin is a digital one-of-a-kind and can be owned by an individual or entity.
They’re sent and received through digital transactions through a very secure electronic ledger called blockchain.
But when it comes to investing in crypto, many experts say there’s still a large amount of risk.
"Make sure you know that you can lose money," Baskin said.