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The Solana-based memecoin Popcat (POPCAT) has been making the headlines for the past week after becoming the first cat-themed token to reach a $1 billion market cap. The token has surged over 230% in the past month, which propelled the token to a new all-time high (ATH). However, a crypto analyst has warned investors of [...]
The post Analyst Warns Of A POPCAT Correction Following 230% Surge appeared first on Crypto Breaking News.
On Monday, popular internet figure and trader Roaring Kitty made a surprise comeback to social media that sent the crypto market into shock and excitement. His return post was followed by a series of cryptic videos, including catsm, which seemingly fueled a price increase for cat-themed memecoins in the past 24 hours. Related Reading: On A Tear: Toncoin Outshines Bitcoin With Price Surge And Social Buzz Memecoin Frenzy And Market Reaction Keith Gill, known as The Roaring Kitty, returned to social media after a three-year hiatus by posting the popular leaning forward in the chair meme. pic.twitter.com/YgjVqtgcNS — Roaring Kitty (@TheRoaringKitty) May 13, 2024 His comeback propelled GameStops meme stock (GME) price to rise 201% in the past day, as he was a major player during the 2021 meme stock frenzy. Alongside the image, the trader shared a series of video edits that also fueled the memecoin market. As reported by News BTC, Wolverine-inspired memecoins soared after featuring the Marvel character in one of his edits. Other big players in the sector saw green numbers in the following hours, like Pepe (PEPE) and many of the top market cap dog-themed memecoins. As part of the ripple effect, the largest frog-themed memecoin has flipped Solana (SOL) in its daily trading volume, registering a 238% increase in volume in the past day. Moreover, smart traders benefited from the surge after buying large token amounts. According to Lookonchain, one whale bought 195 billion PEPE, worth $1.98 million, and had already made $236,000 in unrealized profit a few hours later. Dog Days Are Over, Cat-Themed Memecoins Gain 16% The impact of Roaring Kittys return didnt stop at the dog-themed memecoins. Several images and references to cats were part of the traders edits, fueling a 16% surge in the cat-themed sector. Feline-inspired memecoins have been gaining popularity during this cycle, with tokens like cat in dog word (MEW) and Popcat (POPCAT) joining the top-ten memecoins list in the past month. One of Roaring Kittys edits included a fragment of Florence + The Machines song Dog Days Are Over. Alongside the video, the trader emphasized the lyrics, The dog days are over, the dog days are done. pic.twitter.com/TdmJom9ifu — Roaring Kitty (@TheRoaringKitty) May 13, 2024 Additionally, he added cat images, seemingly insinuating that a future memecoin rally could be led by cat-themed memecoins instead of the usual dog-themed ones. Whales Hear The ROAR Lookonchain reported that, alongside GME, the memecoin Roaring Kitty (KITTY) skyrocketed 13,000%. Other feline-themed tokens, including POPCAT, MichiCoin (MICHI), and Roaring Kitty (ROAR), also saw a significant surge. Popcat has registered a 24.4% and 276% increase in the one-day and monthly timeframes, while MichiCoin surged 38.9% in the past day and 333.5% since its launch on April 26. Both tokens also saw an 80% increase in the daily trading volume. Among the top gainers were the tokens inspired by the trader. The Ethereum-based SOAR skyrocketed over 1162% in hours, going from $0.00024830 to $0.0031338. This surge also represented a massive 3216.8% increase in the weekly timeframe, with a similar daily trading volume increase of 826%. Per the report, whales took advantage of the momentum and loaded their bags with these tokens. One whale withdrew SOL from Binance and bought 490,400 POPCAT, worth around $235,472. Related Reading: No Ties To OpenAI: Worldcoin Drops 9% As Top Trader Issues Warning Another big player, who had previously made 2,170 SOL, about $320,000, on POPCAT, spent another 4,000 SOL, approximately $592,000, to buy POPCAT and MICHI tokens. The whale acquired 587,3830 POPCAT for 2,000 SOL and 626,616 MICHI for the same amount. Featured Image from Unsplash.com, Chart from TradingView.com
In a recent Bloomberg report, it has come to light that the hedge fund industry is increasingly drawn to the allure of the memecoin sector, given the recent price increases and substantial profits that surpass those of Bitcoin (BTC) or the largest altcoins in the market. Memecoin Mania One example of the appeal of memecoins [...]
The post Hedge Funds Fall For The Memecoin Frenzy: Mind-Boggling Returns Tempt Financial Giants appeared first on Crypto Breaking News.
Memecoins have been the most popular narrative of Q1 2024, with dog-inspired tokens leading the pack. However, one memecoin has been jumping on the roofs and assuring everybody hears it meow. Cat in a dogs world (MEW) is a new player in the memecoin market, having been out for less than a month. In this short time, the token has left its clowder behind and joined the high ranks of the top ten memecoins by market capitalization.` Related Reading: Dogecoin Usurped: These Memecoins Overtake DOGE In Active Trader Count From The Roofs To The Ocean The memecoin started remarkably, with a 267.54% growth during its first week. However, MEW is not immune to the crypto market dynamics, as its rally has slowed down with the corrections of Q2. During the latest Bitcoin correction, MEW experienced a price drop of over 52%, going from trading at $0.00402 to as low as $0.00189 over the weekend, as seen in the chart below. A whale didnt miss the chance to profit from the dip and bought 479.6 million MEW on Sunday. MEW's perfomance followed Bitcoin's movements closely during the price correction. Source: Coingecko According to Lookonchain data, a whale withdrew 10,438 SOL, worth around $1.54 million, from Binance to buy MEW. The whale bought the cat-themed token at an average price of $0.0032, doubling its investment in 48 hours. At the time of this writing, the whale’s holdings are worth $3.12 million, and it has made over $1.56 million in profits. Moreover, after the first whale transaction, the tokens price began to recover from the drop, surging over 119% from its lowest point during the weekend as Monday started. Major Exchange Listing Boosts The Memecoin MEW continued its upward trajectory after being listed on one of the largest crypto exchanges by volume. On Monday, OKX announced the listing of popular token dogwifhat (WIF) and cat in a dogs world. After the announcement, the cat-themed memecoins price surged 38.22% before retracing to the support zone of $0.00450 as the day closed. Nonetheless, MEW stole WIFs hat, as the dog-themed sensation registered a 15.2% drop in the last 24 hours. New Spot Listing $MEW @Mewsworld and $WIF @dogwifcoin will be listed on #OKX! Deposits: OPEN $MEW Spot trading: 8:00 am Apr 15 (UTC) $WIF Spot trading: 9:00 am Apr 15 (UTC) More: https://t.co/zCnI8TDmnQ pic.twitter.com/OJffIqMGAt — OKX (@okx) April 15, 2024 The popularity of feline-inspired tokens has increased throughout 2024s Q1. Several cat memecoins launches offered massive gains to investors during the first days of Q2. Despite many of those gains being driven by the Solana memecoin frenzy, it appears that MEW holds stronger than others among the clowder. As Tuesday started, the token began to soar again, skyrocketing 21.3% in just one hour. MEWs market activity also rose 17.7% in the past day, with a daily trading volume of $227.6 million. Similarly, the token has become a hot topic, according to CoinMarketCap data. In an X post, the crypto data platform revealed that MEW was third as the most mentioned token in its CMC community. Cat in a dogs world is trading at $0.00634 at writing time, jumping 14.9% from yesterdays price. Despite being 38.3% down from its all-time high (ATH) of $0.00971, MEW registers a 60% surge in the weekly timeframe. Related Reading: Bitcoin Whales Showing Different Behavior From Past Cycles, But Why? MEW's performance in the three-day chart. Source: MEWUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com
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