MEXCCatcoin Soars 40% as Memecoins Plummets
Catcoin (CAT) has moved upwards in the last 24 hours amid a wider cryptocurrency crash that sent the market capitalization down 5.2%. The memecoin soared 40.1% today and has to wipe out most weekly losses it recorded after liquidations dominated memecoins.
Catcoin’s daily trading volume spiked 197% to $18.2 million as its community continues to rally around the cat-themed memecoin. The asset surged over 1,100% last month showing a renewed interest in memecoins dominated by the market frenzy and buzz.
Catcoin Leads Memecoins
Following strong results in the green zone, Catcoin tops the trending charts as bulls hold on to the gains posted in recent weeks. Overall, cat-themed memecoins are down 7.1% with the market capitalization at $1.9 billion. Trading volumes also stand at $337 million. MEW and Leia also recorded inflows of 35% and 19.6% respectively.
MEW has gained 284% this past week as it sits on top of cat-themed memecoin charts with its community rallying for more inflows. WEN and MOG posted losses in line with other crypto assets. Both assets recorded exits totaling 5.2% and 0.9% respectively. However, POPCAT and LMEOW slumped 29% and 33% signaling larger outflows in 24 hours.
On the other hand, Solana memecoins are also taking hits with an 11% drip as its larger assets post outflows. Dogwifhat currently trades at $3.96, a 7.4% decline in the last 24 hours although the asset still holds on to a 22.2% gain this past week. Popular coin SLERF joins the losses trend with 11% daily losses and 35% weekly losses.
Wider Crypto Market Tanks
Aside from the memecoin ecosystem, Bitcoin and altcoins saw outflows as the halving event approaches. The fall in asset prices is linked to macroeconomic factors and a slight crash in the stock market. This shows the continued correlation between both markets in terms of investor sentiment.
This is however not far-fetched as the highs recorded in the crypto market come on the back of renewed institutional investment. From Q4 2023, heightened traditional investment in the market was sparked by anticipation for a spot Bitcoin ETF approval by the United States Securities and Exchange Commission (SEC). This pushed the price of the asset to $44,000 and eventually to an all-time high last month.
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