03.04.2024

Cat-themed tokens have become growth leaders among memcoins

The market capitalization of memcoins has already approached a record $70 billion. Coins on the Solana blockchain continue to dominate the bull market – their total value has exceeded $8 billion.

It is interesting that the biggest growth in the memcoin sector now brings not such popular tokens as DOGE, SHIB, BONK or even WIF. Traders are now paying attention to a new category of cat-themed coins.

Cat in a Dogs World (MEW), one of the latest Solana-based cat meme tokens, has surged 110% since launching this week. In just 48 hours of trading, the token’s market capitalization reached $200 million.

According to analytics service Lookonchain, several early crypto traders made millions on MEW after starting trading with just 30 SOLs. One of them turned his $6,000 into $530,000 in just a couple hours.

The hype around MEW and other cat-themed tokens could mean that meme coin enthusiasts are looking for a lucrative new niche to capitalize on during the bull market. In addition, the growing interest in memcoins is boosting Solana’s exchange rate. In March, the altcoin rose nearly 70%.

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Коля Мельниченко

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