Because the crypto market settles in on this new section of the crypto cycle, some memecoins have proven exceptional efficiency over the past couple of days.
Cat-theme tokens have considerably grown in recognition throughout this bull run, with some, like Cat in a Canine’s World (MEW), making it to the highest 10 memecoins record. Different feline-inspired tokens like Popcat (POPCAT) and Wen (WEN) have had a stellar week after current partnerships that triggered the worth to surge by 20% in a single day.
Was The Memecoin Surge Fueled By Bitcoin?
The memecoins sector has been dominated by canine, with tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) being the flagship memecoins for the previous few years. Throughout this bull cycle, dog-themed tokens like Bonk (BONK) and dogwifhat (WIF) have been the discuss of the city, and a number of the tokens with the strongest efficiency.
Since its launch in January 2023, Bonk has surged round 4291%, whereas WIF has soared about 1512% since December 2023. Furthermore, the sector has proven stellar performances with cryptocurrencies like PEPE and E book of Meme (BOME).
Bitcoin (BTC) has dominated this cycle alongside memecoins, as highlighted by prime crypto analysts like Alex Krüger and Altcoin Sherpa. Nevertheless, their efficiency has been strongly co-related to BTC’s typically.
#BTC this week pic.twitter.com/stjHKi1nR4
— naiive (@naiivememe) May 3, 2024
The remainder of the market has gone down with Bitcoin every time the flagship cryptocurrency faces a powerful retrace. Consequentially, when BTC has recovered, most sectors, together with memecoins, have regained their ranges. It’s value noting that some tokens like Popcat have continued to carry out nicely, even in the course of the current rally slowdowns.
On Thursday, Bitcoin efficiently examined the $59,000 resistance stage after spending most of Could’s first days hovering between $57,000-$58,000. Within the final hours of the day, the biggest cryptocurrency seemingly turned the resistance stage right into a help zone, pumping the worth of a number of memecoins.
Consequently, the memecoin market was 9.46% up on Thursday evening. Equally, cat-themed tokens have been up by 22.09% with a market capitalization of $1.581 billion, per CoinMarketCap information.
Cat-Themed Memecoins Take The Lead With Popcat
Regardless of dominating the memecoins market, canine-inspired tokens have misplaced some floor in opposition to the growing recognition of feline-inspired ones. Whereas the cats’ tokens had elevated over 20% within the earlier 24 hours, the canine’ sector solely surged 3.7% in the identical timeframe.
Over the previous few days, cat-themed memecoins have been among the many prime gainers within the crypto market. For example, Popcat has remarkably maintained its upward trajectory in the course of the current retrace and likewise joined the highest 10 memecoins record.
Popcat, which appears to be constructing a loyal neighborhood, has constantly proven double-digit acquire percentages this week. As reported by SolanaFloor, the token momentarily flippled BOME with its $570.3 million market capitalization.
Furthermore, as Bitcoin reclaimed the $59,000 stage, the cat-themed token noticed a 31% value improve within the day by day timeframe. This made Popcat the biggest gainer among the many prime ten memecoins.
In accordance with memecoin analyst Murad, Popcat will surge to $5-10 within the short-term as “the Topped High Cat.” Because the token reached its all-time excessive (ATH) of $0.618 on Thursday, the dealer highlighted a number of targets, together with a long-term $20 state of affairs.
Murad's prediction for POPCAT. Supply: X
Murad expects the token “to go to $1 shortly” subsequent time it closes above $0.63. Per the analysts, “It’s Cat Season child and $POPCAT is in management.”
MEW Stays A Well-liked Cat
A month in the past, MEW joined the canine’ pack after changing into the eighth largest memecoin by market capitalization. Since then, the lonely cat’s efficiency has struggled, with a 51.8% and 28.4% value lower within the month-to-month and weekly timeframes.
Regardless of the current drop in efficiency, the token has remained one of many hottest matters amongst altcoins. On Monday, crypto trade Bidget topped MEW as probably the most searched altcoin on the trade, beating PEPE and SOL on the “#BidgetTrendingSpot.”
On the time of writing, the token has proven a exceptional 12% value restoration within the final 24 hours, presently buying and selling at $0.00424.
POPCAT is buying and selling at $0.5389 within the weekly chart. Supply: POPCATUSDT on TradingView
Featured Picture from Unsplash.com, Chart from TradingView.com
Disclaimer: The article is supplied for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding selections. Use data supplied on this web site completely at your individual threat.