Cat-Themed Memecoin POPCAT Surpasses Dog-Themed Cryptocurrency BONK in Market Cap

While long-established dog-themed memecoins such as DOGE and SHIB continue to dominate the category, cat-themed tokens are gaining ground.

A cat-themed cryptocurrency called POPCAT recently attained the rank of second-largest memecoin on Solana, surpassing even the well-known dog token BONK. According to CoinGecko, the cat token is now the 60th-largest cryptocurrency overall by market capitalization.

With a market cap of $24.7 million, DOGE, which was created in 2013, continues to dominate the memecoin category. SHIB ranks second with a market cap of $10.9 billion, and WIF ranks third with a market cap of close to $2.6 billion.

However, cat token POPCAT recently surpassed dog-themed cryptocurrency BONK in terms of market capitalization. The second-largest memecoin on Solana is now the cat token. This blockchain ecosystem, which is renowned for its low transaction costs and quick finality, has played a key role in the current memecoin craze.

According to data from DeFi Llama, cat token POPCAT has experienced a significant increase in trading volume over the past 24 hours. On decentralized exchange (DEX) Orca, the cat token is now positioned fourth in terms of 24-hour trading volume, trailing only liquidity pools SOL/USDC and PYUSD/USDC.

Murad Mahmudov, a memecoin investor who included POPCAT in his top ten picks for the current cycle, posted technical analysis on the same day that the cat token reached its all-time high. The analysis suggests that the memecoin might continue to increase.

However, blockchain analytics business Nansen claims that several smart money wallets have decreased their exposure in POPCAT’s recent surge. Three smart money wallets—wiftardio.sol, batmanwif.sol, and crypto investment firm Sigil Fund—have collectively reduced their holdings of POPCAT by more than $6.4 million over the past seven days.

Wiftardio.sol deposited $3.4 million in POPCAT into Kraken two days ago, while Sigil Fund transfered $1.2 million to Gate.io. Wiftardio.sol and Sigil Fund both have more than $2 million in WIF in their holdings, but batmanwif.sol has completely exited his POPCAT position.

Approximately 10,000 of the 350 million wallets that Nansen identifies are regarded as “smart money” based on their onchain profitability record.

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