Key Takeaways:
Cat-themed meme coins were among the assets that gained the most following Bitcoin’s (BTC) rally to an all-time high in March. The asset class dominated the meme coin market, commanding a 40% lead over the most valuable memecoins.
Cat-Themed Memecoin Suffer the Wrath of Weakening Market Sentiment
However, top cat-themed memecoins such as Cats in a Dogs World (MEW), MogCoin (MOG), and Popcat (POPCAT), have plunged into the red zone alongside other cryptocurrencies as the wider market sentiment is at a low, and liquidations are on the rise. Investors appear to be selling memecoins to cut their losses.
The total market capitalization of the crypto sector, including Bitcoin and other altcoins, is down 2.55% to $2.42 trillion while overall trading volumes decreased 16% this week. Cat-themed memecoins suffered a 5.5% decline over the past 24 hours, causing their total market cap to drop to $1.95 billion.
Furthermore, the market cap of memecoins declined 1.6% to $57.2 billion. Although some meme tokens recorded inflows against the market trend, it was cat-themed memecoins that plunged to record lows since the market rebounded.
Let’s take a look at how the top three cat-themed memecoins have been performing.
Cats in a Dogs World (MEW)
MEW is the leading cat-themed memecoin in terms of market share and trading volumes. However, the token is down nearly 13% in the last 24 hours, taking its weekly figures to the gutters. Over the last seven days, while memecoins were on a downward trajectory, MEW suffered a 10.9% outflow.
This decline led to its total market cap falling 13.41% to $325.68 million, and its 24-hour trading volume dropping 10.25% to $84.97 million. Despite trading below its previous highs, investors expect the Solana-based cat-themed memecoin to rebound once market sentiment flips.
At the time of writing, Cats in a Dogs World (MEW) is trading at $$0.003672 – down 12.97% in the last 24 hours.
Mog Coin (MOG)
MOG, which was once a surging memecoin, plummeted 4.31% today. The second-largest cat-themed cryptocurrency by market cap has lost 34% of its value over the past week.
Mog Coin’s price continues to plunge as we speak, driving massive sell-offs although its community believes it could rebound as observed in previous months. Weekly losses are soaring due to investors moving their funds out from risky assets as a hedge against macroeconomic factors like rising inflation.
MOG’s market cap is down 11.75% and currently stands at $311.74 million, while its 24-hour trading volume declined over 20% to $24.94 million. When writing, MOG is trading at $0.0000008645 – down 4.17% in the last 24 hours.
Popcat (POPCAT)
Popcat is the third-largest cat-themed memecoin by market capitalization. The asset is also experiencing massive outflows as investors offload it from their portfolios to cut further losses.
POPCAT is down over 6% with its weekly loss amounting to 32.6%. Unlike MOG and MEW, the monthly figures of Popcat are still in the red zone, taking it further deeper. The meme token’s market cap has declined 6.71% to $259.29 million, while its 24-hour trading volume is at $28.68 million, down over 31%.
At press time, POPCAT is changing hands at $0.2644 – down 6.78% in the last 24 hours. A bullish scenario looks unlikely for Popcat compared to the other two cat-themed memecoins.
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