Cat-themed tokens seesaw against Bitcoin price as sector market cap nears $2 billion
- Cat tokens mark the only sector that flashed green as Bitcoin price led broader market crash.
- HOBBES, MOG and SMURFCAT topped the sector with double-digit gains.
- With cat-themed tokens soaring, the sector’s market capitalization neared $2 billion.
Bitcoin (BTC) price crashed during the last week of March, liquidating millions of positions. Despite the crash, animal-themed tokens, comprising cats and dogs, have made headlines in 2024 for their stellar performance benefiting from the capital overflows from the BTC market. The latest dip in Bitcoin price hurt dog-themed tokens, but the cats would not have any of it.
Also Read: Meme coins suffer huge decline as Bitcoin crashes
Cat-themed tokens make latest narrative
Cat-themed tokens are rallying, with some posting double-digit gains as the Bitcoin price continues to struggle. Among them, Cat in a dogs world (MEW), Popcat (POPCAT), and Wen (WEN) prices are up by an average of 6%, while others like Mog Coin (MOG), Real Smurf Cat (SMURFCAT) and Ansem’s Cat (HOBBES) are leading the sector.
Ansem's cat to 1b is inevitable, $Hobbes to 1$ or market is wrong
— Base (@Basesol_NFT) April 3, 2024
Can't fade this chart + 100M daily volume, NFA ! pic.twitter.com/gsmAiP1X8P
HOBBES is the top sector gainer, boasting around 60% in daily gains.
Top cat tokens by market capitalization
The token, which continues to secure listings on exchanges, is a favorite for X and SpaceX CEO Elon Musk, who reportedly had a dog that shared the name.
Elon had a dog named Hobbes??
— drews (@drews888) April 2, 2024
So a single ticker, $Hobbes, represents both Ansem’s cat and Elon’s dog? There simply can’t be better name for a memecoin lmaoo pic.twitter.com/fvBEbpDPxR
Analysts and traders have also observed that when cat coins run, it is usually a peak of the cycle. If there is truth to this statement, then it explains why Bitcoin price is dumping.
At the time of writing, cat-themed tokens’ market capitalization is $1.98 billion, up nearly 2% in the last 24 hours.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
