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Popcat Crosses $1B, Mog Rallies as Solana, Ethereum Beta Bets Gain Favor

Jul 21, 2024
    Meme coins popcat (POPCAT) and mog (MOG) surged over the weekend, driven by the cat-themed narrative and their use as beta bets by some traders.POPCAT briefly topped $1 billion capitalization to emerge as the winner in a highly traded Polymarket bet.Since earlier this year, the two have tended to rally alongside dog-themed tokens like bonk (BONK) and dogecoin (DOGE), which function as leveraged bets on the growth of their underlying blockchains.
As a seasoned researcher with years of experience in the crypto market, I’ve witnessed countless trends and price movements. The recent surge of meme coins Popcat (POPCAT) and Mog (MOG) over the weekend caught my attention.Over the past weekend, meme coins POPCAT (previously known as Popcorn) and MOG experienced significant growth. This surge was fueled by their association with cats and their role as alternative investments for some traders. In an intriguing turn of events, POPCAT momentarily reached a market capitalization of over $1 billion, making it the top performer in a popular Polymarket wager.
In the last seven days, Ether (ETH) has experienced a growth of more than 5%, with anticipation surrounding the upcoming debut of ETH exchange-traded funds (ETFs) on July 23. Similarly, Solana’s SOL surged by approximately 15% during this period due to heightened trading volumes.
Over the past few months, the value of popcat and mog tokens, themed around cats, has risen in tandem with the prices of Solana’s SOL and ether. This trend is similar to that of bonk (BONK) and dogecoin (DOGE), which are also referred to as “beta coins.”

Meme tokens serve as a means for investors to amplify their wagers on the expansion of their associated blockchain platforms. Crypto market participants often label these investments as “beta bets,” reflecting their exposure to the underlying technology’s development and potential growth.

Late on Sunday, a buying action worth $630,000 for POPCAT tokens built on the Solana platform triggered a surge, propelling its total market value beyond the billion-dollar threshold.
As an analyst, I’ve observed a significant surge in the value of MOG, an Ethereum-based project. Its capitalization has reached a new high of $960 million, marking an 8% increase and breaking through previous records. This uptrend can be attributed to the growing buzz surrounding MOG within its devoted community on social application X. Over the past two weeks, the price has soared by over 70%, reflecting the strong interest and support from its followers.

In March, a wager placed on Polymarket, predicting that market capitalization for cat-themed cryptocurrencies would surpass their canine counterparts during the upcoming bull market, has accumulated impressive trading volumes of approximately $4.6 million.

On Monday, the market reached and surpassed the $1 billion mark, only to later scale back its advances. Its value had been considered a longshot as low as 2% in early April. Among all cat-themed cryptocurrencies, it ranked third in popularity behind keycat and hobbes.

Popcat Crosses $1B, Mog Rallies as Solana, Ethereum Beta Bets Gain Favor

Some Polymarket users raised concerns that market manipulation might have influenced the higher odds for Popcat in the marketplace.

“This situation is intriguing because it appears to be market manipulation, yet technically, the price of Popcat surpassed $1 billion on one specific platform. An individual with a financial stake in Popcat has likely manipulated the market and artificially inflated its value within a second through a single order on that website.”

As of European morning hours on Monday, Polymarket’s resolution has not been contested or overturned.

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2024-07-22 12:56