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The memecoin supercycle is gaining momentum as market optimism rises. Some memecoins are diverging from Bitcoin’s volatility, ready to lead. Bitcoin [BTC] nearly reached the $64K mark during the early hours of Monday, coinciding with a pivotal week for U.S. economic data. This set off a market-wide rally, with POPCAT and MOG, leading the charge, surging over 12% in the last 24 hours. Following this, discussions about a potential “memecoin supercycle” – the idea that memes could fuel the next crypto bull market – gained traction on social media.  But does this theory hold any substantial merit? THIS might lead the memecoin supercycle  Among the top 10 memecoins by market cap, cat-themed tokens have outperformed their dog-themed counterparts, positioning themselves as the favored choice for the memecoin supercycle. POPCAT led the pack with a weekly surge exceeding 50%, while MOG trailed behind with a more modest 13% gain. This trend suggests a possible market shift within the memecoin space, with a select few becoming the preferred choice for riskier bets, particularly during periods of high volatility. Put simply, with Bitcoin’s heightened sensitivity to macroeconomic factors – often triggering market shocks – memecoin supercycle is gaining traction as an alternative, evidenced by the chart below. Source : Coinalyze POPCAT initially rode Bitcoin’s bullish wave during the September rally but recorded notably higher daily gains, especially during the mid-cycle.  Even when Bitcoin peaked near $65K on the 28th of September and saw a correction, POPCAT held its range for five consecutive days despite market volatility. A similar pattern is emerging now. As Bitcoin retraces below $63K again amid pressure from the derivative market, POPCAT is seeing significant daily gains, hitting double-digit highs.   Additionally, its trading volume has surged over 130% to $188 million from the previous day, while market cap increased by…

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Filed under: News - @ October 7, 2024 9:19 pm