Some memecoins have performed remarkably well over the past few days as the cryptocurrency market settles into this new stage of the cycle.
During this bull run, cat-themed tokens have been increasingly popular; some, like Cat in a Dog's World (MEW), have made it into the top 10 memecoins list. Other tokens with a cat theme, such as Popcat (POPCAT) and Wen (WEN), have had an amazing week following new alliances that sent their prices skyrocketing by 20% in a single night.
Was Bitcoin The Cause Of The Memecoin Surge?
Dogs have dominated the memecoin market, with flagship tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) dominating the space for the past few years. Dog-themed tokens, like as Bonk (BONK) and dogwifhat (WIF), have been the talk of the town and among the top performing tokens throughout current bull cycle.
Bonk has increased by roughly 4291% since its introduction in January 2023, whereas WIF has increased by about 1512% since December 2023. Additionally, the industry has demonstrated outstanding results with cryptocurrencies such as Book of Meme (BOME) and PEPE.
Experts in the field of cryptocurrency analysis such as Alex Krüger and Altcoin Sherpa have noted that Bitcoin (BTC) and memecoins have controlled this cycle. But in the majority of instances, their success has been closely correlated with BTCs.
Every time the leading cryptocurrency has a significant decline, the rest of the market has also declined along with Bitcoin. As a result, most industries, including memecoins, have rebounded to their previous levels after BTC has recovered. It's important to note that despite the recent slowdowns in the rise, some tokens, like Popcat, have maintained strong performance.
After bouncing about between $57,000 and $58,000 for the majority of May's first few days, Bitcoin successfully tested the $59,000 resistance mark on Thursday. The biggest cryptocurrency appeared to convert the resistance level into a support zone in the last hours of the day, driving up the price of many memecoins.
Popcat Leads The Way in Cat-Themed Memecoins
Even while they still control a large portion of the memecoin market, tokens with a dog theme are becoming less and less popular in comparison to tokens with a feline theme. The sector for dogs' tokens only had a 3.7% growth in the preceding 24 hours, compared to a 20% gain for cats' tokens.
Memecoins with a cat theme have been among the top performers in the cryptocurrency market during the past few days. For example, during the recent retracement, Popcat has amazingly maintained its upward trend and joined the list of the top 10 memecoins.
This week, Popcat, which appears to be fostering a devoted community, has consistently displayed double-digit increase percentages. According to SolanaFloor, the token's $570.3 million market valuation briefly caused BOME to flipple.
Furthermore, the cat-themed token enjoyed a 31% daily price surge when Bitcoin regained the $59,000 mark. Popcat became the biggest gainer among the top ten memecoins as a result.
Popcat, also known as "the Crowned Top Cat," is expected to soar to $5–10 in the near future, predicts memecoin expert Murad. The trader highlighted other targets, including a long-term $20 scenario, as the token hit its all-time high (ATH) of $0.618 on Thursday.
MEW Is Still A Popular Cat
MEW, the eighth-largest memecoin by market valuation, joined the pack of canines a month ago. Since then, the performance of the lonely cat has suffered, with price decreases of 51.8% and 28.4% in the weekly and monthly timeframes, respectively.
The token has continued to be one of the most talked-about altcoins, even with the recent decline in performance. MEW defeated PEPE and SOL on the "#BidgetTrendingSpot" on Monday, earning the title of most searched altcoin on the cryptocurrency exchange Bidget.
As of this writing, the token is trading at $0.00424, demonstrating an impressive 12% price recovery in the last day.
May 2024, Cryptoniteuae