- Dog-themed memecoins are a runaway success.
- Cat–themed memecoins lag greatly behind canine counterparts on all fronts.
- Cat tokens are predicted to boom.
The world of cryptocurrency has been captivated by the meteoric status of dog-themed memecoins, with Dogwifhat being the latest break-out doggy coin, adding $1 billion in valuation over the past week to climb the market cap rankings.
This astronomical growth highlights the disparity between the dog-themed coins and their feline counterparts, which have yet to replicate the same level of success and mainstream adoption. This leaves many wondering if the cat-themed cryptocurrencies can ever catch up to their rivals’ remarkable achievements.
Dog-Themed Memecoins Dominate
Data from CoinGecko revealed a staggering disparity between the market capitalization of cat-themed and dog-themed tokens. While the collective market cap of cat-themed tokens stood at $731.5 million, their canine counterparts boasted a whopping $46.2 billion valuation, making dog-themed memecoins over 60 times larger than their feline rivals.
Sponsored
Despite the significant gap, there are signs that cat-themed memecoins are gaining traction faster. Over the past seven days, the cat-themed category experienced a remarkable 196% growth, outpacing the 70.2% increase observed in the dog-themed segment.
This surge in popularity suggests that the feline-inspired coins may be catching the attention of investors seeking the next big opportunity in the rapidly evolving memecoin market. However, given the massive gulf set by Dogecoin and Shiba Inu and the rising Solana-based doggy coins such as Dogwifhat and Bonk, that gap will be hard to close. This is more so considering that the cat-themed sector lacks widely recognized names.
In a 10-month-old Reddit post, a user mentioned two cat tokens, CateCoin and Cat Pay. However, the user criticized the projects’ poor marketing efforts and alleged that their Telegram channels banned users from offering constructive suggestions. Yet these two examples alone are insufficient to explain cat tokens’ lagging popularity.
“If none of these cat tokens take off, I'm done with cat tokens for good though, it may just be that cat people are not good investors overall,” declared the Redditor.
Despite CateCoin and Cat Pay’s apparent weak marketing and community outreach, feline-inspired tokens have experienced impressive price performance lately.
Cat Tokens Soar
Looking closely at the current state of cat-themed memecoins, Wen emerges as the largest by market capitalization, trading at $0.0003244 and recording an impressive 121% surge over the past seven days. While this growth is noteworthy, it pales compared to the top feline-inspired gainers this week.
Leading the high-flyers is Taylor Swift’s Cat, priced at $0.003808 and boasting a staggering 9,520% increase over the same period. Other notable performers include Arab Cat, which surged 877%, and BananaCat, up 601%. These eye-catching gains have undoubtedly captured the attention of investors seeking to hop onto the next trending category.
Trader Solana Plays recently predicted that cat tokens will be the next sector to print unreal gains. He asked his followers to promote their favorite cat tokens in line with this thinking.
On the Flipside
- The success of memecoins is often driven by online communities and social media hype rather than traditional market fundamentals.
- Memecoins, regardless of theme, are high-risk investments.
Why This Matters
The precise reason dog memecoins are vastly more popular than cat tokens is unknown, particularly as dog and cat ownership statistics are relatively similar. However, with cat memecoins predicted to close the gap, it will be even more crucial for investors to exercise caution and carefully evaluate the underlying risks and potential rewards of memecoin investing in general.
Vitalik Buterin calls for a shift in focus from memecoins to crypto infrastructure. Read more here:
Ethereum’s Vitalik Labels Memecoins as “Way Over-Invested”
Find out more on accusations of Peter Schiff’s hypocrisy towards Bitcoin here:
