While long-established dog-themed memecoins such as DOGE and SHIB continue to dominate the category, cat-themed tokens are gaining ground.
On Tuesday afternoon, POPCAT, a token inspired by an internet meme from 2020 of a cat named Oatmeal opening and closing its mouth, reached an all-time high of $1.80 and a market cap of $1.7 billion. POPCAT was recently trading at $1.68, according to CoinGecko.
DOGE, established in 2013, leads the memecoin category by a wide margin with a $24.7 million market cap, followed by SHIB’s $10.9 billion market cap and WIF’s nearly $2.6 billion figure.
Yet POPCAT recently surpassed the dog-themed cryptocurrency BONK in market cap. The cat token is now the second-largest memecoin on Solana, the blockchain ecosystem that helped spur the current memecoin frenzy. Overall, POPCAT is the 60th largest token among all cryptocurrencies by market cap.
Over the past year, POPCAT has become a popular memecoin as reflected in its trading volume on DeFi protocols. On decentralized exchange Orca, for example, POPCAT trails only liquidity pools SOL/USDC and PYUSD/USDC in 24-hour trading volume.
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Traders React
On the same day that POPCAT reached its all-time high, memecoin investor Murad Mahmudov, who named POPCAT as one of his top ten picks for this current cycle, shared technical analysis showing that the memecoin has room to rise further.
However, some smart money wallets have decreased their exposure in POPCAT’s recent run up, according to blockchain analytics firm Nansen. Three smart money wallets—wiftardio.sol, batmanwif.sol, and crypto investment firm Sigil Fund—have collectively decreased their holdings of POPCAT by more than $6.4 million over the past seven days.
Wiftardio.sol deposited $3.4 million worth of POPCAT into Kraken two days ago, while Sigil Fund transfered $1.2 million to Gate.io. Wiftardio.sol and Sigil Fund have more than $2 million worth of WIF in each of their holdings, but batmanwif.sol has fully exited his POPCAT position.
Of the 350 million wallets Nansen names, roughly 10,000 are labeled “smart money” based on their onchain profitability record.
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