The rebirth of Memecoins? POPCAT and MEW 20% increase

As the cryptocurrency market stabilizes in this new phase of the cryptocurrency cycle, some memecoins have shown notable performance over the past couple of days.

Feline-themed tokens have grown significantly in popularity during this bull run, with some, like Cat in a Dog’s World (MEW), making it to the top 10 of the memecoin list. Other feline-inspired tokens like Popcat (POPCAT) and Wen (WEN) have had a stellar week after recent partnerships that sent the price up 20% overnight.

Was Memecoin’s surge fueled by Bitcoin?

The memecoin sector has been dominated by dogs, with tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) being the top memecoins in recent years. During this bull cycle, dog-themed tokens like Bonk (BONK) and dogwifhat (WIF) have been the most talked about topic and some of the strongest performing tokens.

Since its launch in January 2023, Bonk has increased by approximately 4291%, while WIF has increased by approximately 1512% since December 2023. Additionally, the sector has shown stellar performance with cryptocurrencies such as PEPE and Book of Meme (BOME).

Bitcoin (BTC) has dominated this cycle along with memecoins highlighted from top crypto analysts like Alex Krüger and Altcoin Sherpa. However, in most cases, their performance has been strongly correlated with that of BTC.

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The rest of the market has crashed with Bitcoin every time the flagship cryptocurrency faces a sharp retracement. As a result, when BTC recovered, most sectors, including memecoins, regained their levels. It is worth noting that some tokens like Popcat have continued to perform well, even during the recent slowdowns in the rally.

On Thursday, Bitcoin successfully tested the $59,000 resistance level expense most of the first days of May are between $57,000 and $58,000. In the final hours of the day, the largest cryptocurrency apparently turned the resistance level into a support zone, boosting the price of several memecoins.

As a result, the memecoin market rose by 9.46% on Thursday evening. Likewise, feline-themed tokens rose 22.09% to a market capitalization of $1.581 billion, according to CoinMarketCap data.

Cat-themed memecoins take the lead with Popcat

Despite dominating the memecoin market, canine-inspired tokens have lost ground to the growing popularity of feline-inspired ones. While cat tokens had increased by more than 20% in the previous 24 hours, the dog sector in the same time frame grew by only 3.7%.

In recent days, cat-themed memecoins have been among the biggest gainers in the cryptocurrency market. For example, Popcat remarkably maintained its upward trajectory during the recent retracement and also joined the list of top 10 memecoins.

Popcat, which appears to be building a loyal community, has continuously shown double-digit earnings percentages this week. As reported by SolanaFloor, the token temporarily upside down BOME with its market capitalization of $570.3 million.

Additionally, as Bitcoin reclaimed the $59,000 level, the feline-themed token saw a 31% price increase on the daily timeframe. This made Popcat the biggest gainer among the top ten memecoins.

According to memecoin analyst Murad, Popcat will rise to $5-10 in the short term as “the crowned best cat.” On Thursday, when the token reached its all-time high (ATH) of $0.618, the trader highlighted several targets, including a long-term scenario of $20.

Murad's prediction for POPCAT. Source: X

Murad expects the token “to quickly go to $1” the next time it closes above $0.63. According to analysts, “It’s Cat Season, baby, and $POPCAT is in control.”

MEW remains a popular cat

A month ago, MEW joined the dog pack become the eighth largest memecoin by market capitalization. Since then, the Lone Cat’s performance has been struggling, with prices declining by 51.8% and 28.4% in the monthly and weekly periods.

Despite the recent decline in performance, the token has remained one of the hottest topics among altcoins. Cryptocurrency exchange Bidget on Monday crowned MEW is the most searched altcoin on the exchange, beating out PEPE and SOL on “#BidgetTrendingSpot.”

At the time of writing, the token has shown a notable price recovery of 12% over the past 24 hours, currently trading at $0.00424.

POPCAT is trading at $0.5389 in the weekly chart. Source: POPCATUSDT on TradingView

Featured image from Unsplash.com, chart from TradingView.com

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