While dog-themed tokens have long dominated the memecoin market, cat-themed cryptocurrencies are clawing their way to prominence, capturing the attention of traders and investors.
Memecoins, known for their potential to surge in popularity overnight, often boast fervent communities of supporters, exemplified by the recent success of Vegas Sphere's "wif on sphere" fundraiser campaign.
Previously, dog-themed tokens like Dogecoin and Shiba Inu held sway over the memecoin landscape, comprising eight of the top ten largest tokens by market capitalization. However, cat-themed tokens are now emerging as contenders, with one recent entrant, Cat in a Dogs World (MEW), swiftly climbing the ranks.
MEW, launched on March 26, achieved a $200 million market capitalization within 48 hours, outpacing other established memecoins. Within just eight days, MEW's market cap surged to $644 million, securing its position as the eighth-largest memecoin. A further boost came with KuCoin's listing announcement, driving MEW's price up by over 50%.
Cat in a dogs world among the top 10 memecoins. Source: CoinMarketCap
Despite MEW's impressive performance, its rally experienced a setback, with a 15% decline in value reported. Presently, MEW is trading at $0.00737049, with daily market activity also witnessing a downturn.
The rising interest in cat-inspired tokens has propelled several newly launched memecoins to astronomical levels.
Ansem's Cat (HOBBES), inspired by the crypto trader Ansem's cat, Hobbes, attained a $100 million market cap on its launch day, exemplifying the fervor surrounding feline-themed tokens.
Another notable token, MOEW, saw a trader turn $13,000 into $2 million in just one hour. This trader's strategic move resulted in a staggering 158x gain, with subsequent profits amounting to over $1.7 million.
Similarly, a swift profit was made on MEW's debut day, with one trader earning nearly $900,000 in just 20 minutes through strategic trading.
However, such remarkable gains have sparked skepticism within the community, with questions raised regarding the legitimacy of these windfalls and potential insider trading.
Nevertheless, the increasing prominence of cat-themed tokens underscores their growing appeal within the crypto market, signaling a newfound recognition of their potential among investors and traders alike.
MEW's performance in the weekly chart. Source: MEWUSDT on Tradingview.com
We cannot predict it now because no one can predict the market trend or what new things will appear, but the only thing we can grasp is the reaction speed of the market.
JinseFinanceThe current crypto industry is also in an uncertain stage, and there are many possibilities that will coexist in the future. These possibilities will only become a clear reality when the market changes or external factors intervene.
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BerniceMeme coins featuring dogs, cats, and frogs have been competing, although dog-themed coins still beat out other coins to become the most widely traded.
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Cointelegraph