Despite facing two rug pulls, the Solana-based memecoin Catwifhat (CIF) managed to endure, showcasing how the decentralized nature of crypto can enable a project to persist even in the absence of its developer.

In a discussion with Cointelegraph, investor NFT_Sloth revealed that despite experiencing two rug pulls within a span of 12 days, Catwifhat still boasts a dedicated community today. The first rug pull occurred shortly after the project's launch on December 12, 2023, when the project's founder purportedly unloaded their tokens on the market and drained most of its liquidity.

However, remaining investors swiftly rallied to take control of the project, forming a new development team to steer the token forward. Subsequently, Catwifhat managed to recover to a market capitalization of over $4 million within 11 days.

Nevertheless, the token faced another setback when its largest liquidity provider executed a rug pull on December 24, removing a significant portion of liquidity and causing a substantial price drop.

Despite these challenges, the project's development team persevered, and as of April 3, Catwifhat's market cap stands at approximately $1.4 million. The token's resilience is particularly noteworthy given that its precursor, Dogwifhat, attained a market cap of $3 billion.

Catwifhat's journey underscores the potential for recovery following rug pulls, offering a glimmer of hope for affected investors in the crypto space.