What Happened To The Momentum of Cat-Themed Memecoins?
Over the last month, cat meme coins have dominated the market amid double-digit inflows to assets as the wider market rallied. The asset class soared over 40% against leading memecoins and other categories with gains to new coins.
However, top cat-themed memecoins have lost steam this week as most assets sink to the red zone without surging alongside other cryptocurrencies. At press time the market capitalization for cat-themed assets is $1.7 billion, a 7.8% decline in the past 24 hours. Trading volumes also remain low for most assets despite a jump in dog-themed assets.
Cat-themed Tokens Touch Low
Top cat-themed tokens have seen increased outflows today. Popcat, the leading asset by market capitalization is down 6.4% today although weekly gains remain at a 60% high. Popcat’s market capitalization is above $516 million with a daily trading volume of $58.3 million.
MEW and MOG have plunged 3.9% and 7.8% today. MEW is still at 11.6% weekly highs despite a plunge in volumes to $47 million. WEN which also recorded previous gains is down 4% today. According to data from CoinGecko, the top three trending cat-themed memecoins today MANEKI, POPCAT, and WEN remain in the red zone.
However, some assets have recorded gains with community rallies in the last 48 hours. MaxCat is up 37.5% in the market while UpSideDownCat and Croc cat posted 13.3% and 23.2% respectively in the same period.
Wider Market Surge
The wider cryptocurrency market has recovered from last week’s liquidation as Bitcoin (BTC), altcoins and memecoins notch new inflows. This comes after renewed sentiment and the market and a flip of macroeconomic factors as bulls eye interest rate cuts in the future.
Bitcoin price stands above $63,000 while Solana leads the rebound with a 21% weekly inflow. The price of SOL is at $151.69 with a trading volume above $2.6 billion. Similarly, Solana memecoins have ticked upwards with some users projecting a bull run.
Also Read: Altcoins Double-Digit Rally Ignites Bullish Projections
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