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Cat coins such as Popcat and Shark Cat are exploding on Solana meme coin markets, but now 99Bitcoins analysts are investigating the question, ‘Are Sloths making a comeback for the meme coin throne’?
The market is down, Bitcoin has fallen below $60k and market participants (*cough* CAPO *cough*) are calling for $20k BTC (again).
It makes 0 sense to revisit that region.
Just CAPO things 🤣#ETH #Bitcoin pic.twitter.com/U1IRc5hUxs— CryptoDailyTA (@CryptoDailyTA) April 26, 2024
If you’re currently investing in cat coins in Solana meme coin markets, you’re probably not aware of this bearish sentiment—after all, the front page of Dexscreener is currently filled with animal-themed meme coins on Solana, the majority of which are cat coins.
The Crypto Market is Choosing Meme Coins over Utility Tokens
Cat coins on the front page of Dexscreener have processed over $100m in volume over the past 24 hours, proving that this is where both interest and liquidity reside within the market right now.
Meme coins are generally fair launched, with the full supply of tokens circulating from the beginning. Although there are infinitely more rugs in meme coins than with utility projects, many hyped utility projects go through multiple rounds of fundraising, often with little to no lock-ups on those tokens.
This is creating tokens that are hitting the market, and from day one, early seed investors have been up multiple X’s, creating relentless sell pressure.
Coupled with regular token emissions that constantly boost the FDV (fully diluted valuation) without boosting the actual token price, these projects are inflationary.
Degen market participants are now choosing to invest in communities over roadmaps and utility. Even the front page of Coingecko shows the current state of the market, with meme coins dominating both ‘Top Gainers’ and ‘Trending’ tokens.
Shark Cat (SC) – Up over 225% in the Past 24 Hours!
Shark Cat is one of the best-performing and established meme coins right now. It has seen a huge spike in volume, over $31m in the past 24 hours, seeing the price climb from $0.045 to $0.14 in that same time-frame.
This is largely due to the Shark Cat team securing IP rights for the usage of their logo. There was recently a lot of FUD and drama surrounding this issue as the owner of the Shark Cat (real name Nala) was demanding money and control over the use of her cat image.
Now the team has put this FUD to bed by securing the IP to Nala – meaning nothing will be stopping Shark Cat from hitting all-time-high levels and beyond.
$sc daily analysis:
WE ARE SO BACK 🦈🐱 the @Sharkcatsolana team made it happen and secured an IP license.
Congratulations anyone who held through the FUD and the chaos. Now we swim upwards.
Now to flip 0.08 or 0.10 to a strong support level + take on the 0.17 resistance. pic.twitter.com/e9hAgYzRMu
— Autism Supercycle (@autismSC) May 2, 2024
Popcat (POPCAT) – Still the Leader of the Pack
The market is still extremely bullish on Solana’s leading cat coin, Popcat. Without the bullish catalyst that Shark Cat has regarding the IP battle, Popcat still processed over $19m in volume in the past 24 hours.
Popcat also has an insane 42,000 token holders, growing daily. The chart is incredibly bullish, even with the blood in the market, it has refused to dump significantly and has instead been on an upward trajectory since the 19th April.
Popcat is a mainstream meme coin and is here to stay. You can find it on a number of CEXs, such as MEXC, BingX, and Bitmart, to name a few, with constant rumors of a Tier 1 CEX listing being imminent.
The current market cap is around $460m, but many investors are calling for Popcat to become the first $10bn market cap cat token, and considering how early we are in this cycle, I wouldn’t rule it out.
DISCOVER: Top 10 Solana Meme Coins to Buy – May 2024
Sloths Making Come Back? Slothana (SLOTH) is Hottest New Meme Coin
(SLOTHSOL)
Although cats are all the hype right now, don’t fade the Sloth. Slothana launched yesterday after an insanely successful presale with over $15m raised from investors looking for the next BOME or WIF.
It instantly became the number one trending token on Dexscreener and has processed over $10m in volume in just shy of 20 hours.
Remember #hodlers. This will get listed on multiple exchanges. Those selling will regret. Ignore the panic and FUD. Keep strong $sloth #slothana #Binance #solana https://t.co/DA7w4LfpLE
— Cryptonic (@CrypTonic82) May 1, 2024
Upon launch, SLOTH mooned, climbing nearly 2x before presalers inevitably began taking profits. This is commonplace and healthy for distribution during the early stages of a project’s life.
Buyers have since stepped in, and the chart is looking ready for another parabolic move at any moment. Rumors of a CEX listing coming very soon for Slothana will further fuel this.
EXPLORE: Is BTC Set for a Quiet Spring After Bitcoin Halving Event? Here’s Why Traders Eye Altcoins in Q2
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
