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Cat-Themed Memecoins Emerge as Preferred Risk On Bets With 40% Surge in a Week

Sep 19, 2024
    Tokens like POPCAT, MEW, MOG, and CAT have seen significant gains, up to 40% in a week, following a 50 basis point rate cut by the U.S. Federal Reserve, indicating a return of risk-on sentiment in the crypto market.POPCAT reached a $1 billion market cap, MOG has surged 70% in two weeks due to strong social media backing, and CAT, linked to Simon’s Cat comics, saw $145 million in trading volume in the last 24 hours.Analysts predict continued growth in memecoins, fueled by anticipated liquidity increases and bullish market sentiment, potentially leading to a boom similar to previous cycles.
As a seasoned researcher with years of experience observing and analyzing the crypto market, I have to admit that the recent surge in cat-themed memecoins like POPCAT, MEW, MOG, and CAT has caught my attention like never before. Having closely followed the rise and fall of Dogecoin (DOGE) and Shiba Inu (SHIB), it’s intriguing to see a new cohort of feline-themed tokens emerging as potential market movers.Memecoins themed around cats are not merely purring, they’re booming loudly, suggesting that a risk-taking mood is reemerging within the wider cryptocurrency market.
In the past week, several tokens like POPCAT on Solana, MEW‘s cat in a dog’s world, MOG on Ethereum, and CAT on BNB Chain have seen a surge of up to 40%. A significant portion of these gains occurred after Wednesday, when the U.S. Federal Reserve reduced interest rates by 50 basis points for the first time in four years. This move has stimulated the prices of risk assets such as bitcoin (BTC).
Cat-Themed Memecoins Emerge as Preferred Risk On Bets With 40% Surge in a Week

Popcat, a token tied to a meme of a cat with its mouth popped open, is nearing $1 billion market cap. Culture coin mog has jumped 70% in the past two weeks amid its strong cult following on social platforms, where the community often replies to posts with “mogging” and “mogged” to improve its visibility.

In just a day, the freshly launched CAT token has skyrocketed into one of the most popular internet cat memes, with more than $145 million wagered on trades involving it. This digital currency is associated directly with the well-known Simon’s Cat comic strip series.

Starting from early 2023, meme tokens are frequently viewed as a method to amplify wagers on the expansion of the blockchain they’re associated with. In the crypto trading community, these tokens are often called “beta investments.

In recent times, tokens centered around cats have appeared alongside popular dog-themed cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB). These cat-based tokens have become notable players during the 2020-2021 market surge.

In simpler terms, cat-themed cryptocurrencies are more popular than their dog-themed counterparts due to their smaller market value. For instance, within the last 24 hours, cat tokens have seen an average increase of 14%, whereas dog meme coins listed on CoinGeckko only rose by an average of 4%.

Market analysts predict that meme coins and other less traditional digital assets could see a significant increase in value during the upcoming months.

The popularity of memecoins is on the rise because people expect there will be more money flowing freely in the market after the Federal Reserve lowered interest rates by 0.5%. Alex Andryunin, founder of Gotbit Hedge Fund and known for supporting memecoins, shared this perspective with CoinDesk. This increased expectation of lower rates has brought investors a sense of optimism, as they anticipate even more liquidity in the financial system.

Andryunin predicts that the memecoin market might experience substantial growth within the next two months. The increased accessibility of funds and an elevated interest in taking risks could attract investors towards these high-potential, yet risky assets. This trend may result in a surge reminiscent of past cycles,” is one possible way to paraphrase it.

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2024-09-20 14:43