New Meme Coin Trend? Cat Tokens Taking Over
TL;DR
- Cat-themed meme coins, such as MEW, are emerging as popular choices among traders, with some achieving significant price increases and market capitalization growth.
- The trend towards such cryptocurrencies marks a shift from the previous dog-related dominance in 2021.
The ever-evolving meme coin sector keeps spewing new tokens, with some of those capturing the traders’ attention mere days and even hours after launch.
The latest trend in the niche appears to be focused on cat-themed cryptocurrencies. According to DexScreener, the list of the top 15 most trending meme coins for the past 24 hours includes six such assets.
Evident examples include Cat in a Dogs World (MEW).
As CryptoPotato reported, MEW’s market capitalization surpassed the $800 million mark in terms of total market capitalization yesterday (April 3), briefly placing it as the 131st biggest crypto asset.
One prominent industry participant who praised the meme coin’s impressive performance is BitMEX’s co-founder Arthur Hayes.
For his part, the popular entrepreneur and crypto analyst – Lark Davis – revealed the case of a mysterious trader who turned $35,000 into a whopping $44 million by dealing with MEW.
The current trend in the meme coin realm seems to be much different than the one observed in the bull run during 2021. Back then, dog-themed assets such as Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) made the headlines.
On the other hand, the largest cryptocurrencies in the niche remain poised for a substantial rally and might steal the show once again. DOGE was recently projected to reach an all-time high of $1, whereas SHIB was predicted to hit a new peak should it overcome the major resistance level of $0.000033285.
Meanwhile, dealing with meme coins remains inherently risky, as their value is often driven by hype rather than underlying fundamentals, meaning investors may experience devastating losses. If you are about to hop on the bandwagon, please check our dedicated video to protect yourself against some common mistakes:
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