As the crypto market settles in on this new phase of the crypto cycle, some memecoins have shown remarkable performance over the last couple of days.

Cat-theme tokens have significantly grown in popularity during this bull run, with some, like Cat in a Dog’s World (MEW), making it to the top 10 memecoins list. Other feline-inspired tokens like Popcat (POPCAT) and Wen (WEN) have had a stellar week after recent partnerships that caused the price to surge by 20% overnight.

Was The Memecoin Surge Fueled By Bitcoin?

The memecoins sector has been dominated by dogs, with tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) being the flagship memecoins for the last few years. During this bull cycle, dog-themed tokens like Bonk (BONK) and dogwifhat (WIF) have been the talk of the town, and some of the tokens with the strongest performance.

Since its launch in January 2023, Bonk has surged around 4291%, while WIF has soared about 1512% since December 2023. Moreover, the sector has shown stellar performances with cryptocurrencies like PEPE and Book of Meme (BOME).

Bitcoin (BTC) has dominated this cycle alongside memecoins, as highlighted by top crypto analysts like Alex Krüger and Altcoin Sherpa. However, their performance has been strongly co-related to BTC’s in most cases.

#BTC this week pic.twitter.com/stjHKi1nR4

— naiive (@naiivememe) May 3, 2024

The rest of the market has gone down with Bitcoin whenever the flagship cryptocurrency faces a strong retrace. Consequentially, when BTC has recovered, most sectors, including memecoins, have regained their levels. It’s worth noting that some tokens like Popcat have continued to perform well, even during the recent rally slowdowns.

On Thursday, Bitcoin successfully tested the $59,000 resistance level after spending most of May’s first days hovering between $57,000-$58,000. In the last hours of the day, the largest cryptocurrency seemingly turned the resistance level into a support zone, pumping the price of several memecoins.

As a result, the memecoin market was 9.46% up on Thursday night. Similarly, cat-themed tokens were up by 22.09% with a market capitalization of $1.581 billion, per CoinMarketCap data.

Cat-Themed Memecoins Take The Lead With Popcat

Despite dominating the memecoins market, canine-inspired tokens have lost some ground against the increasing popularity of feline-inspired ones. While the cats’ tokens had increased over 20% in the previous 24 hours, the dogs’ sector only surged 3.7% in the same timeframe.

Over the last few days, cat-themed memecoins have been among the top gainers in the crypto market. For instance, Popcat has remarkably maintained its upward trajectory during the recent retrace and also joined the top 10 memecoins list.

Popcat, which seems to be building a loyal community, has continuously shown double-digit gain percentages this week. As reported by SolanaFloor, the token momentarily flippled BOME with its $570.3 million market capitalization.

Moreover, as Bitcoin reclaimed the $59,000 level, the cat-themed token saw a 31% price increase in the daily timeframe. This made Popcat the largest gainer among the top ten memecoins.

According to memecoin analyst Murad, Popcat will surge to $5-10 in the short-term as “the Crowned Top Cat.” As the token reached its all-time high (ATH) of $0.618 on Thursday, the trader highlighted several targets, including a long-term $20 scenario.

Murad expects the token “to go to $1 quickly” next time it closes above $0.63. Per the analysts, “It’s Cat Season baby and $POPCAT is in control.”

MEW Remains A Popular Cat

A month ago, MEW joined the dogs’ pack after becoming the eighth largest memecoin by market capitalization. Since then, the lonely cat’s performance has struggled, with a 51.8% and 28.4% price decrease in the monthly and weekly timeframes.

Despite the recent drop in performance, the token has remained one of the hottest topics among altcoins. On Monday, crypto exchange Bidget crowned MEW as the most searched altcoin on the exchange, beating PEPE and SOL on the “#BidgetTrendingSpot.”

At the time of writing, the token has shown a remarkable 12% price recovery in the last 24 hours, currently trading at $0.00424.

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Filed under: Bitcoin - @ May 4, 2024 1:00 am