Traders Make Millions on Cat-Themed Memecoins
Dog-themed memecoins, which have been popular in recent years, may lose ground to cat-themed memecoins as more new players enter the market and their investors make millions of dollars.
Dogecoin and Shiba Inu remain at the top in terms of market capitalization among all memecoins. Over the past few months, dog-themed memecoins have mostly made it to the top ten. However, the memecoin market has recently seen a change in this trend, with one of the recently launched tokens making it into the top ten memecoins.
Cat in a Dogs World (MEW), launched late last month, reached $200 million in market capitalization in just two days and overtook coins such as BONK and WIF. A week later, market capitalization surpassed the $640 million mark. After MEW was listed on the KuCoin exchange, its value increased by 50%.
Although MEW's rally has slowed today, it is still seeing significant gains of 80% over the past 7 days. The positive momentum of Cat in a Dogs World (MEW) has led other cat-themed memecoins to rise as well. According to DexScreener, six cat-themed assets made the list of the top 15 most trending memecoins.
Ansem's Cat (HOBBES) broke the $100 million market capitalization mark within a day of its debut. And MOEW token based on the Base network brought one of the investors a million-dollar profit. By the way, MEW traders were also lucky enough to make a fortune with minimal investment.
In less than 1 hour, this guy turned $13K into $2M, a gain of 158x!
— Lookonchain (@lookonchain) April 3, 2024
He spotted $MOEW 10 minutes after opening trading and spent 4 $ETH($13K) to buy 499.9M $MOEW.
Then he sold 111.65M $MOEW for 99 $ETH($328K).
He currently holds 388.24M $MOEW, worth $1.76M.… pic.twitter.com/DFRGOYh8ZM
Currently, the top 10 cat-themed memecoins by market capitalization include Cat in a Dogs World (MEW), Wen (WEN), MOG Coin (MOG), Toshi (TOSHI), Catgirl (CATGIRL), DUKO (DUKO), Real Smerf Cat (SMURFCAT), Catman (CATMAN), Cat Token (CAT), and Ansem's Cat (HOBBES).
Meanwhile, IntoTheBlock has noticed an influx of new memecoin users. This is indicated by the increased number of cryptocurrency wallets that store memecoins. Over the past month, their number amounted to 1 million, and the number of transactions with memecoins reached 1.8 million.
