Several cat-themed meme coins are trending on CoinGecko, with some recording three-digit gains over the past week.
While the overall crypto market is seeing a brief liquidation, as traders are taking profits from leading assets like Bitcoin and Ethereum – the meme coin market continues to reach new heights. The meme coin market cap increased by 4% today, despite the overall crypto market cap dipping by 1.5%.
New presale tokens are largely driving this meme coin rally as investors continue to look for new projects, after the recent success of BOME and Slerf. However, cat-themed tokens seem to be experiencing high interest across social media.
CAT token, one of the oldest cat-themed meme coins, reached a new all-time high today after rallying 430% in a day and over 1,000% since last week. The token’s surge is likely due to random hype on social media, as meme coin traders place their bets across several assets.
Another cat-themed token Chonk The Cat (CHONK), launched with a presale last week and surged nearly 200% since then. Most recently, the MEW token launched earlier today and saw several FOMO trading activities across the board.
MEW rallied after being listed by Poloniex after its launch, which saw few traders turning small investments into millions. According to Lookonchain, one user invested $35,000 worth of SOL on MEW, seeing a $8.9 million return in just two hours.
However, FOMO trading also saw one trader lose over $200,000 as MEW dropped 54% after hitting its peak.