Resurgence of Memecoins? POPCAT and MEW increase by 20%

As the crypto market settles into this new phase of the crypto cycle, some memecoins have shown remarkable performance over the past few days.

Cat-themed tokens have grown significantly in popularity during this bull run, with some, like Cat in a Dog’s World (MEW), appearing in the top 10 memecoins list. Other feline-inspired tokens like Popcat (POPCAT) and Wen (WEN) had a stellar week after recent partnerships sent the price up 20% overnight.

Was the rise of Memecoins fueled by Bitcoin?

The memecoin sector has been dominated by dogs, with tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) being the flagship memecoins of recent years. During this bull cycle, dog-themed tokens like Bonk (BONK) and dogwifhat (WIF) have been the talk of the town, and some of the best performing tokens.

Since its launch in January 2023, Bonk has surged approximately 4,291%, while WIF has soared approximately 1,512% since December 2023. Additionally, the sector has shown exceptional performance with cryptocurrencies like PEPE and Book of Meme (BOME).

Bitcoin (BTC) has dominated this cycle alongside memecoins, like Underlines by top crypto analysts like Alex Krüger and Altcoin Sherpa. However, their performance has been highly correlated with that of BTC in most cases.

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The rest of the market has fallen with Bitcoin every time the flagship cryptocurrency faces a strong retracement. Therefore, when BTC recovered, most sectors, including memecoins, recovered to their levels. It is worth noting that some tokens like Popcat have continued to perform well, even during recent recovery downturns.

Bitcoin successfully tested the $59,000 resistance level on Thursday after expenses most of the first days of May hovered between $57,000 and $58,000. In the last hours of the day, the largest cryptocurrency apparently turned the resistance level into a support zone, pushing up the price of several memecoins.

As a result, the memecoin market was up 9.46% on Thursday evening. Likewise, cat-themed tokens rose 22.09% with a market capitalization of $1.581 billion, according to CoinMarketCap data.

Cat-Themed Memecoins Take the Lead with Popcat

Despite dominating the memecoin market, canine-inspired tokens have lost ground to the growing popularity of feline-inspired ones. While cat tokens were up more than 20% in the previous 24 hours, the dog sector was only up 3.7% in the same period.

Over the past few days, cat-themed memecoins have been among the biggest gainers in the crypto market. For example, Popcat remarkably maintained its upward trajectory during the recent retracement and also joined the list of top 10 memecoins.

Popcat, which seems to be building a loyal community, has continually posted double-digit winning percentages this week. As reported by SolanaFloor, the token momentarily reversed BOME with its market capitalization of $570.3 million.

Additionally, as Bitcoin reclaimed the $59,000 level, the price of the cat-themed token saw its price increase by 31% on the daily time frame. This made Popcat the biggest gainer among the top ten memecoins.

According to memecoin analyst Murad, Popcat will reach $5-10 in the short term as “the crowned top cat.” As the token hit its all-time high (ATH) of $0.618 on Thursday, the trader outlined several targets, including a long-term scenario of $20.

Murad's prediction for POPCAT. Source: X

Mourad waits the token will “quickly move to $1” the next time it closes above $0.63. According to analysts, “It’s cat season, baby, and $POPCAT is in charge.”

MEW remains a popular cat

A month ago, MEW joined the pack of dogs after become the eighth largest memecoin by market capitalization. Since then, Lone Cat’s performance has struggled, with prices dropping 51.8% and 28.4% in the monthly and weekly periods.

Despite the recent decline in performance, the token remains one of the hottest topics among altcoins. Monday, the crypto exchange Bidget crown MEW is the most sought after altcoin on the exchange, beating PEPE and SOL on the “#BidgetTrendingSpot”.

At the time of writing, the token has posted a remarkable 12% price recovery over the past 24 hours, 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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