Oct 25, 2024
6thTrade
The memecoin market is buzzing as Cat in a Dogs World (MEW) has emerged as a top contender, achieving a staggering $1 billion market cap and joining the feline-themed rally. Following in the paw prints of POPCAT, the first cat-themed token to hit this milestone, MEW reached an all-time high (ATH) on Thursday, driving renewed attention to the feline-focused cryptocurrency sector.
MEW Hits Milestone After Milestone
Cat in a Dogs World surged by 18.4% over the past 24 hours, reaching not one but two ATHs in a single morning. With a 95.2% gain over the past two weeks, MEW has become a leading player in the memecoin sector, shattering records and flipping Base Network’s Brett to claim the spot as the tenth largest memecoin by market cap.
The journey to this achievement has been eventful. MEW originally joined the top memecoin rankings in Q2, debuting as the eighth-largest token in a dog-dominated market. After leading the cat-themed memecoins in Q1, MEW faced a 60% pullback due to POPCAT’s surge. However, MEW has been back on the rise, hovering between $0.004 and $0.006 during Q3 before breaking out this week with a listing on Korean exchange Upbit, which many believe catalyzed the latest rally.
Analyst’s Insights and New Price Targets for MEW
Crypto analyst Crypto General weighed in on MEW’s strong performance, highlighting the token’s consistent upward trend since its launch. “MEW has shown remarkable strength and potential,” they noted, predicting the memecoin will set its sights on $0.045 for its next price discovery phase. Currently trading at $0.0112, just 1.1% below its ATH, MEW’s consistent growth has positioned it for what many expect to be an explosive run.
Has the “Cat Season” Officially Begun?
Many crypto enthusiasts are calling this trend the start of a “cat season” in memecoins, with POPCAT, Solana’s feline-themed leader, reaching a new ATH of $1.67 on Thursday. POPCAT, the first cat-themed memecoin to hit a $1 billion market cap, has seen 82% growth over the past 30 days. Together with MEW and other cat-inspired tokens, the feline sector appears to be establishing a solid foothold in the market.
Other notable performances include Simon’s Cat (CAT) on the BNB Chain, which spiked 80.4% this week following a Binance Future Listing. CAT’s price surged from $0.0000245 to $0.0000442, closing in on its previous ATH of $0.0000462 from a month ago. Although CAT has retraced by 5.1%, it remains up 53% for the week.
Prominent crypto trader Bluntz remarked that “the cat season is truly underway,” as the entire sector posted an 8% rise, according to CoinGecko data.
Looking Ahead
With MEW, POPCAT, and CAT leading the charge, it appears that cat-themed tokens are carving out their niche in the crypto space. As the “cat season” unfolds, investors are watching closely to see if the trend continues and if other feline-themed tokens will follow suit. If momentum holds, the market may see further rallies as cat-inspired memecoins continue to capture the spotlight.
Image Credit : Chart by tradingview
Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
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