Ethereum meme coins Mog Coin (MOG) and Solana-based Popcat (POPCAT) have surged significantly, driven by cat-themed narratives and increased use as leveraged bets by some traders.
Over the weekend of July 20-21, 2024, both coins saw huge gains, with MOG hitting a new all-time high of US$0.00000245 and Popcat briefly surpassing US$1 billion in market capitalization.
The Rise of Mog Coin
MOG, which was founded on July 19, 2023, has shown tremendous growth over the past year. Named after a popular term on 4chan, “mogging” refers to dominating another person. Over the past three months, MOG has skyrocketed 301%, reaching a market capitalization of US$820 million, according to CoinGecko.
MOG's price increase was driven by unique branding and strong involvement from its community on platforms such as 4chan and social application X. MOG briefly overtook NEO in the top 100 by achieving a market capitalization of US$880 million. However, when this article was released, this coin had fallen to 101st place with a market capitalization of US$795 million and was trading for US$0.00000217.
MOG's cat-themed narrative revolves around its mascot, Joycat, a laughing cat with pit viper glasses, who has become the symbol of the coin.
The Joycat has evolved into a symbol of dominance and entertainment, capturing the essence of mogging in various forms such as heightmogging (being taller than someone) and fashionmogging (being more stylish than someone).
Popcat Touches US$1 Billion Market Capitalization
Meanwhile, Solana-based Popcat saw its value surge after a single purchase worth US$630,000 pushed its market capitalization past the US$1 billion mark at the weekend. The surge allowed Popcat to emerge as a winner in the heavily traded Polymarket bet, where the cat-themed token is expected to overtake the dog-themed token in the next bullish cycle.
However, this increase was not without controversy. Some Polymarket users argued that market manipulation may have swayed betting in Popcat's favor. Despite these accusations, Polymarket's resolution remained in effect, and the bets had not been disputed as of early morning in Europe on Monday.