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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.
Cat-themed tokens seesaw against Bitcoin price as sector market cap nears $2 billion
Lockridge OkothLockridge OkothFXStreet

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.

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.

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

Lockridge is a believer in the transformative power of crypto and the blockchain industry.

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