As the cryptocurrency market settles into this new phase of the cryptocurrency cycle, some meme coins have shown impressive performance over the past couple of days.
The popularity of cat-themed tokens increased dramatically during this bull market, with some, such as Cat in a Dog's World (MEW), making it to the top 10 meme tokens list. Other cat-inspired tokens such as Popcat (POPCAT) and Wen (WEN) have had a stellar week after recent partnerships caused the price to rise 20% overnight.
Was Memecoin's Rise Driven by Bitcoin?
The meme sector has been dominated by dogs, with tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) being the main meme coins in the past few years. During this bull cycle, dog-themed tokens like Bonk (BONK) and dogwifat (WIF) have been the talk of the town, and some of the strongest performing tokens.
Since its launch in January 2023, the price of Bonk has risen by about 4291%, while WIF has risen by about 1512% since December 2023. Moreover, the sector has shown excellent performance with cryptocurrencies such as PEPE and Book of Meme (BOME).
Bitcoin (BTC) has dominated this cycle alongside memecoins, as highlighted by top cryptocurrency analysts like Alex Krüger and Altcoin Sherpa. However, its performance was strongly correlated with Bitcoin in most cases.
#Bitcoin this week pic.twitter.com/stjHKi1nR4
-Naive (@naiivememe) May 3, 2024
The rest of the market fell with Bitcoin when the major cryptocurrency faced a strong pullback. Hence, when Bitcoin recovered, most sectors, including memes, regained their levels. It should be noted that some coins like Popcat have continued to perform well, even during recent slowdowns in the rally.
On Thursday, Bitcoin successfully tested the $59,000 resistance level after spending most of the first days of May in a range between $57,000 and $58,000. In the final hours of the day, the largest cryptocurrency appears to have turned a resistance level into a support area, pumping up the price of several meme coins.
As a result, the memecoin market rose 9.46% on Thursday night. Likewise, cat tokens rose 22.09% with a market cap of $1.581 billion, according to CoinMarketCap data.
Cat-themed meme coins take the lead with Popcat
Despite their dominance of the meme market, dog-inspired tokens have lost some ground to the growing popularity of cat-inspired tokens. While cat tokens have increased by more than 20% in the past 24 hours, the dog token is up just 3.7% in the same time frame.
Over the past few days, cat-themed memes have been among the biggest gainers in the cryptocurrency market. For example, Popcat remarkably maintained its upward trajectory during the recent patch and also joined the top 10 meme coins list.
Popcat, which seems to be building a loyal community, has consistently shown double-digit winning percentages this week. As reported by SolanaFloor, the token was done momentarily I turned over BOME has a market capitalization of $570.3 million.
Furthermore, as Bitcoin regained the $59,000 level, the cat-themed token saw a 31% price increase on the daily time frame. This made Popcat the biggest winner among the top ten meme currencies.
According to memecoin analyst Murat, Popcat's price will rise to $5-10 in the short term as a “crowned cat.” As the token reached an all-time high (ATH) of $0.618 on Thursday, the trader highlighted several targets, including a long-term $20 scenario.
Murad's prediction for POPCAT. Source: X
Intend Expect The token will “go to $1 quickly” the next time it closes above $0.63. According to analysts, “It's cat season, and $POPCAT is king.”
MEW is still a popular cat
A month ago, MEW joined the pack of dogs after becoming the eighth largest meme coin by market cap. Since then, Lone Cat's performance has struggled, with prices falling by 51.8% and 28.4% on both the monthly and weekly time frames.
Despite the recent decline in performance, the coin has remained one of the hottest topics among altcoins. On Monday, cryptocurrency exchange Bidget crowned MEW is the most searched altcoin on the exchange, beating PEPE and SOL on “#BidgetTrendingSpot.”
At the time of writing, the token has shown a notable price recovery of 12% over the past 24 hours, and is currently trading at $0.00424.
POPCAT is trading at $0.5389 in the weekly chart. Source: POPCATUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
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