- Meme coin rallies are led by tokens with cat themes, but a dog maintains his position on Solana.
- Memes with cat themes outpaced ETH and BTC, averaging 8.8% growth in a 24-hour period.
- Over the past week, meme-related tokens have surpassed ETH by 9.3% and BTC by 5%.
On July 21, Bitcoin (BTC) momentarily crossed $68,000, setting off a wave of price spikes throughout the cryptocurrency market. Memes have taken center stage in this environment, surpassing both Bitcoin and Ethereum (ETH) in the last seven days.
Memes with cat themes gained the most traction from this shift, rising 8.8% on average over the previous day, most likely helped by a token with a honey pot design.
On July 5th, Jacky (JACKY), a token with a black cat image, was introduced via Moonshot, the meme coin launchpad created by DEX Screener. The token unexpectedly surged by more than 160% in the last day, even after there had been no activity for a week. On DEX Screener, the transactions checker indicates that the majority of the transactions are dust transactions, indicating the removal of liquidity.
Nevertheless, over the previous day, the meme coin Catcoin (CAT), which is built on the Binance Smart Chain, increased by 60%. CatSolHat (SOLCAT), which saw a 76.6% jump during that time, also saw notable movement.
Additionally, the cat coin hahaha (hahaha) continued to expand by 50.2% every day, maintaining the trend from the previous week. Notably, HEHE increased by 216% in the last week.
A coin featuring a dog in a pool contributed to the notable 5% average growth of the Solana meme coin ecosystem. The doginapool (DIP) currency increased 263% in the last day, hitting $4 million in market capitalization and surpassing $1 million in volume.
The meme coin narrative has done better than Ethereum and Bitcoin during the last week. During this time, meme-related tokens have outperformed BTC by 5% and ETH by 9.3%.
Memes, however, have been unable to match Solana’s (SOL) performance during the past seven days, falling short of SOL’s rise by 3%.
Memes surpassed popular cryptocurrencies like Bitcoin, Ethereum, and Solana earlier this week, surging value 12% as a result of speculators transferring their money to more speculative securities.
Memes like Dogecoin, BONK, and PEPE saw notable increases in value in March; PEPE increased by 35.6% in tandem with overall gains in the cryptocurrency market.
PEPE also led a meme coin rally in March that saw gains of up to 26% when Ethereum was getting close to $4K.
Memes’ speculative attractiveness to quick money traders has led to a 10% spike in market capitalization in May, which is much higher than the market for cryptocurrencies as a whole.
Later in May, Ethereum-based memes saw a 161% surge because to speculation over the approval of a spot Ethereum ETF.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
