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The memecoin market has been dominated by dog-themed tokens for the past few years. Despite not being as popular and well-known as their canine crypto counterparts, cat-themed tokens are starting to appear at the forefront of the meme-inspired market.
Cats In A Dogs Crypto Market
Memecoins can become a market sensation overnight, and their communities can be some of the most supporting investors, as seen with the Vegas Sphere “wif on sphere” fundraiser campaign.
Dogecoin and Shiba Inu remain the biggest tokens by market capitalization in this category. About a month ago, eight of the ten largest memecoins by market capitalization were canine-inspired.
Nonetheless, cat-themed tokens have started infiltrating the pack of dogs after a recently launched player made it to the top ten memecoins list.
Cat in a Dogs World (MEW) launched on March 26 and just 48 hours later reached a $200 million market cap. MEW surpassed BONK, WIF, and PEPE as the fastest fair launch to accomplish this feat.
MEW’s market cap reached $644 million in just eight days, making it the eighth largest memecoin by this metric. Moreover, the token rallied over 50% on Wednesday after crypto exchange KuCoin announced its listing.
MEW’s performance in the past seven days shows an impressive 267.54% surge. Despite this, the token’s rally slowed down today. The cat-themed cryptocurrency lost over 15% of its value from the day prior. At writing time, MEW is trading at $0.00737049.
Similarly, its daily market activity took a hit, decreasing 35.3% to $208.4 million traded in the past 24 hours.
What Are They Feeding Cat-Themed Memecoins?
The growing interest in feline-inspired tokens has resulted in many newly launched memecoins quickly surpassing massive levels.
On Wednesday, a new token called Ansem’s Cat (HOBBES), inspired by Hobbes, the cat of crypto trader Ansem, broke a $100 million market cap on its launch day.
MOEW, a Base token launched on Wednesday, made the news after a trader turned $13,000 into $2 million in just one hour. According to data provided by Lookonchain, the crypto trader spent 3 ETH ($13,000) to buy 499.9 million MOEW, a 158x gain.
Then, the trader sold 116 million MOEW for 99 ETH, around $328,000, when the rice surged. At the time of the report, the trader had 388.24 million MOEW left, worth over $1.7 million.
In less than 1 hour, this guy turned $13K into $2M, a gain of 158x!
He spotted $MOEW 10 minutes after opening trading and spent 4 $ETH($13K) to buy 499.9M $MOEW.
Then he sold 111.65M $MOEW for 99 $ETH($328K).
He currently holds 388.24M $MOEW, worth $1.76M.… pic.twitter.com/DFRGOYh8ZM
— Lookonchain (@lookonchain) April 3, 2024
Similarly, another trader made a profit on MEW’s opening day. In 20 minutes, this crypto trader made almost $900,000 in profits from selling SOL and buying the memecoin.
Nonetheless, the community has questioned these whale moves. Many wonder whether the cat-themed profits come from strategic trading or insiders from the projects.
Whichever the case, cat-themed tokens are starting to make a sound in the crypto market. Ultimately, the crypto community has begun noticing potential in the feline-inspired coins.
Featured Image from Unsplash.com, Chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
