These Meme Coins Explode by Double Digits: Are Cats the New Trend?

TL;DR

• Cat-themed meme coins surged, with Cat in a Dogs World (MEW) hitting a new peak.
• Dog-themed coins like Dogecoin (DOGE) and Shiba Inu (SHIB) had moderate gains but were outperformed by cat-related assets. The meme coin market remains highly volatile.

The Top Performers

The meme coin realm has witnessed some progress today (July 22), with its market capitalization spiking by 2% and surpassing the $57 billion mark. While leading assets of that type are well in the green, cat-themed meme coins claimed much of the glory.

Cat in a Dogs World (MEW) saw its value soaring by 40% in the past 24 hours, hitting a new all-time high of over $0.008. Its market capitalization crossed $700 million for the first time ever, positioning the cryptocurrency as the 109th biggest in the entire sector.

Some analysts believe the rally is far from over. The X user Limbo, for instance, claimed that MEW’s market cap may soon surpass the $1 billion milestone.

Other cat-related meme coins that have exploded by double digits include Wen (WEN), MANEKI (MANEKI), catwifhat (CWIF), Catcoin (CAT), and many more.

Interestingly, the biggest cat-related token in terms of market cap – Popcat (POPCAT) – is in the red on a 24-hour basis. It reached an ATH of almost $1 on July 21, whereas currently, it trades at around $0.89 (per CoinGecko’s data). 

Dogs Are Trailing Behind

Dog-themed meme coins comprise about 70% of the sector’s total market capitalization. After all, the leaders Dogecoin (DOGE) and Shiba Inu (SHIB) are canine-based.

The former is up approximately 5% on a daily scale, while the latter trades at approximately the same level observed on July 21. 

Dogwifhat (WIF), Bonk Inu (BONK), and Floki Inu (FLOKI) are also well in the green, but the aforementioned cat-themed tokens outshined their performance.

It will be interesting to see whether the meme coin niche will keep progressing in the following months or whether a correction will shock investors. On that note, it is important to note the cohort’s infamous volatility and the dangers involved. 

Those about to jump on the bandwagon should invest only as much as they are ready to lose and employ the best practices. For more vital tips on the matter, please take a look at our dedicated video below: