- Kraken adds Cat in a Dog’s World to its Spot offering.
- The cat cryptocurrency surpassed the dog-themed coin in seven days.
- MEW wins on one important metric despite the harsh revisions.
In the dog-dominated world of meme coins, cats were rare until this month. Blue-chip dog meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have dominated the meme kingdom since the cryptocurrency boom of 2021, but things have completely changed this month.
Is your cat taking over this cycle?
A newly created cat-themed memecoin outpaced the dog cryptocurrency this week. The cat meme currency has recorded a cumulative 17% gain in seven days, making this cryptocurrency niche the biggest gainer of the week. By comparison, the dog-themed memes section gained 3% over the same period, while the interactive memes section gained 7.7%.
Several major cryptocurrency exchange listings have seen an increase in cat cryptocurrencies as centralized platforms tend to respond quickly to increasing trader demand. Kraken, one of the largest exchanges, has announced immediate listing on the Cat in a Dog’s World (MEW) platform.
This is a groundbreaking move for the third-largest cat meme coin in the asset class, with a market cap only smaller than Solana’s POPCAT and Ethereum’s Mog Coin (MOG). MEW’s market capitalization is currently $530 million, and according to the coin’s token economics, its supply is limited to 88,888,888,888.
Is MEW a bargain at less than $1 billion?
MEW, POPCAT, and MOG could soar to new heights if rising cat cryptocurrency acquisitions justify their positions as leading narratives this quarter. However, the meme coin world is notorious for wild price fluctuations unless the coin is directly tied to a real-world utility case.
Speculative interest often chooses memecoins like MEW because traders use leverage to predict the price of the token. This trend, seen in 2024, will increase the funding rate for Memecoins in derivatives markets, which usually results in a higher final price.
Several cryptocurrency analysts and whales share the opinion that MEW will eventually surpass $1 billion in market capitalization. Whale Insider shared a list of 13 memecoins that still have the potential to rise above their current market caps, including MEW and MOG, two of the aforementioned cat-themed tokens.
MEW, ranked 133rd, is trading at $0.005968 after a 13% correction in the cryptocurrency market on Thursday. The cat cryptocurrency is down 38% from its all-time high of $0.009716 hit during a meme-driven rally last spring.
On the flip side
- Despite its small primary listing, Cat in a Dog’s World (MEW) surpassed POPCAT and MOG to record the highest trading volume in the cat cryptocurrency category.
- MEW is the only cat-themed cryptocurrency to post over $100 million in revenue this Thursday, despite witnessing a double-digit cryptocurrency market correction.
Why This Matters
Major cryptocurrency platforms adapt their trading services to changes in trader behavior and demand for digital assets. Instead of the technical slang-filled stories typical of traditional altcoins, Memecoin offers a fun and light-hearted way to trade cryptocurrencies.
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