Memecoins Demonstrates Impressive Surge, Fueled by Bitcoin's Market Dominance

By: Eliza Bennet

Cat-themed memecoins have demonstrated noticeable performance this week, with memecoins like Cat in a Dog’s World (MEW) and Popcat showing an impressive 20% surge. Memecoins' performance has been typically associated with Bitcoin's market trend, with Bitcoin's resurgence often leading to a rise in memecoin values. This link between memecoins and Bitcoin was further highlighted this past week when Bitcoin's price tested the $59,000 resistance level. Consequently, the memecoin market, including cat-themed tokens, witnessed robust growth.

Popcat Among Top Memecoin Performers

Notably, Popcat has been a standout in the memecoin market. Growing in popularity, Popcat has maintained an upward trajectory, joining the top ten memecoins list. Memecoin analyst Murad forecasts a sharp rise for Popcat in the short-term and an optimistic long-term scenario of a $20 price level. However, these predictions are contingent on the token closing above $0.63.

Strong Recovery for MEW despite Slump

Despite experiencing a slump in price decrease in recent weeks, MEW has made a strong comeback with a 12% price recovery in the last 24 hours. Previously, MEW had joined the top eight memecoins by market capitalization, solidifying its position despite stiff competition.