Memecoins Resurgence? POPCAT And MEW Lead The Way With 20% Surge
04 Maggio 2024 - 3:00AM
NEWSBTC
As the crypto market settles in on this new phase of the crypto
cycle, some memecoins have shown remarkable performance over the
last couple of days. Cat-theme tokens have significantly grown in
popularity during this bull run, with some, like Cat in a Dog’s
World (MEW), making it to the top 10 memecoins list. Other
feline-inspired tokens like Popcat (POPCAT) and Wen (WEN) have had
a stellar week after recent partnerships that caused the price to
surge by 20% overnight. Related Reading: Why This Crypto Bull Run
Might Not Live Up To The Past: Analyst Was The Memecoin Surge
Fueled By Bitcoin? The memecoins sector has been dominated by dogs,
with tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) being the
flagship memecoins for the last few 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 tokens with the strongest
performance. Since its launch in January 2023, Bonk has surged
around 4291%, while WIF has soared about 1512% since December 2023.
Moreover, the sector has shown stellar performances with
cryptocurrencies like PEPE and Book of Meme (BOME). Bitcoin (BTC)
has dominated this cycle alongside memecoins, as highlighted by top
crypto analysts like Alex Krüger and Altcoin Sherpa. However, their
performance has been strongly co-related to BTC’s in most cases.
#BTC this week pic.twitter.com/stjHKi1nR4 — naiive (@naiivememe)
May 3, 2024 The rest of the market has gone down with Bitcoin
whenever the flagship cryptocurrency faces a strong retrace.
Consequentially, when BTC has recovered, most sectors, including
memecoins, have regained their levels. It’s worth noting that some
tokens like Popcat have continued to perform well, even during the
recent rally slowdowns. On Thursday, Bitcoin successfully tested
the $59,000 resistance level after spending most of May’s first
days hovering between $57,000-$58,000. In the last hours of the
day, the largest cryptocurrency seemingly turned the resistance
level into a support zone, pumping the price of several memecoins.
As a result, the memecoin market was 9.46% up on Thursday night.
Similarly, cat-themed tokens were up by 22.09% with a market
capitalization of $1.581 billion, per CoinMarketCap data.
Cat-Themed Memecoins Take The Lead With Popcat Despite dominating
the memecoins market, canine-inspired tokens have lost some ground
against the increasing popularity of feline-inspired ones. While
the cats’ tokens had increased over 20% in the previous 24 hours,
the dogs’ sector only surged 3.7% in the same timeframe. Over the
last few days, cat-themed memecoins have been among the top gainers
in the crypto market. For instance, Popcat has remarkably
maintained its upward trajectory during the recent retrace and also
joined the top 10 memecoins list. Popcat, which seems to be
building a loyal community, has continuously shown double-digit
gain percentages this week. As reported by SolanaFloor, the token
momentarily flippled BOME with its $570.3 million market
capitalization. Moreover, as Bitcoin reclaimed the $59,000 level,
the cat-themed token saw a 31% price increase in the daily
timeframe. This made Popcat the largest gainer among the top ten
memecoins. According to memecoin analyst Murad, Popcat will surge
to $5-10 in the short-term as “the Crowned Top Cat.” As the token
reached its 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 Murad expects the token
“to go to $1 quickly” next time it closes above $0.63. Per the
analysts, “It’s Cat Season baby and $POPCAT is in control.” MEW
Remains A Popular Cat A month ago, MEW joined the dogs’ pack after
becoming the eighth largest memecoin by market capitalization.
Since then, the lonely cat’s performance has struggled, with a
51.8% and 28.4% price decrease in the monthly and weekly
timeframes. Despite the recent drop in performance, the token has
remained one of the hottest topics among altcoins. On Monday,
crypto exchange Bidget crowned MEW as the most searched altcoin on
the exchange, beating PEPE and SOL on the “#BidgetTrendingSpot.” At
the time of writing, the token has shown a remarkable 12% price
recovery in the last 24 hours, currently trading at $0.00424.
Related Reading: SOL Price Pops 10%, Can Solana Bulls Regain
Strength? 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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