Memecoins
What happened to the momentum of cat-themed Memecoins?
Cat-themed memecoins dominated crypto asset gains last month, amid a double-digit influx of assets as the broader market recovered. The asset class has soared more than 40% against the majors memecoins and other categories with winnings on new coins.
However, major cat-themed memecoins have lost strength this week as most assets sink into the red zone without climbing alongside other cryptocurrencies. At press time, the market capitalization of cat-themed assets stands at $1.7 billion, down 7.8% over the past 24 hours. Trading volumes also remain low for most assets despite a rise in dog-themed assets.
Cat-Themed Tokens Hit Low
Major cat-themed tokens saw a surge in outflows today. Popcat, the top asset by market cap, is down 6.4% today, although weekly gains remain at a high of 60%. Popcat’s market capitalization is over $516 million with a daily trading volume of $58.3 million.
MEW and MOG plunged 3.9% and 7.8% today. MEW is still at a weekly high of 11.6% despite volumes dropping to $47 million. WEN, which also posted previous gains, is down 4% today. According to data from CoinGeckothe three most trending cat-themed memecoins today, MANEKI, POPCAT and WEN, remain in the red zone.
However, some assets have seen gains from community gatherings over the past 48 hours. MaxCat is up 37.5% in the market while UpSideDownCat and Croc cat are up 13.3% and 23.2% respectively over the same period.
A broader market push
The broader cryptocurrency market has recovered from last week’s sell-off as Bitcoin (BTC), altcoins and memecoins see new inflows. This comes after a surge in market confidence and a reversal in macroeconomic factors as bulls eye interest rate cuts in the future.
Bitcoin Price Surpasses $63,000 as Solana leads the rebound with a weekly inflow of 21%. SOL price is $151.69 with trading volume over $2.6 billion. Likewise, Solana memecoins rose with some users projecting a bull run.
Read also: Double-digit Altcoin Rally Sparks Bullish Projections