The stellar rise of Dogwifhat WIF/USD has made it just the latest dog-themed member of the $2 billion valuation club.
Dog-themed meme coins, currently 36 in total, boast a combined market capitalization of $47.3 billion, according to Coingecko data.
Meanwhile, there are 24 cat-themed meme coins, with a total market cap of $738 million.
Dog-themed coins gained 75% over the last week, while cat-themed coins surged more than 200% during the same period.
Crypto trader Moon in the latest tweet stated that catcoins will rerate in a big way soon:
Dog coins are worth $50 billion
— moon (@MoonOverlord) March 6, 2024
Cat coins are only worth $600 million
there is 65 million dog owners in the US
there is 46 million cat owners in the US
not even a 2:1 ratio, but dog coins have a 8000%+ higher aggregate marketcap.
the cat sector will rerate bigly soon. https://t.co/yu89GslEey pic.twitter.com/5VTs6L1ERl
Dog Vs. Cats
The meme coin space is shining bright due to Bitcoin’s recent rally. Dog- and cat-themed coins have gone on to outperform the gains of the lead tokens of the crypto space.
Dogecoin DOGE/USD and Shiba Inu SHIB/USD, are the established veterans, with valuations of $22.3 billion and $18.7 billion, respectively.
New entrants like Bonk BONK/USD, Dogwifhat WIF/USD, and Floki FLOKI/USD have either broken into the $2 billion market cap club or are close to it.
The veteran dog-themed coins exhibit significant trading volumes, with DOGE and SHIB trading above $3 billion in a single day, while the "middle class" of dog coins are getting listed on tier 1 exchanges, such as Dogwifhat on Binance.
New entrants among the cat-themed coins include Wen WEN/USD, Popcat POPCAT/USD and Toshi TOSHI/USD. They record valuations of $315.5 million, $154.3 million, and $116 million, respectively.
Unlike the dog coins, cat-themed tokens are newer entrants to the market, with Wen starting to trade in January; Popcat and Toshi entered in December 2023 and August 2023, respectively.
Despite lower valuations compared to Dogcoins, cat-themed tokens have shown strong momentum and trader interest in cat coins is evident in their trading volumes, ranging from $2.1 million to $28.7 million.
Why Do Dogecoin And Shiba Inu Beat Cat Coins?
However, none of the cat-themed tokens appear on the social dominance chart, indicating a lower level of community engagement compared to Dogcoins.
Lunar Crush data indicates the top meme coins by social dominance are DOGE, SHIB, the frog-themed coin Pepe PEPE/USD, BONK and FLOKI.
Shiba Inu is the only meme coin with strong efforts to develop a decentralized finance utility with new products and services.
Other meme coins, both dog and cat-themed, have no utility beyond entertainment.
The battle between dogs and cats in the meme coin space reflects its vibrant and dynamic nature. But there is no fundamental answer as to why dog coins are so much more popular than cat coins.
Either way, traders need to exercise caution when investing in meme coins, given their highly volatile nature. "
Do Your Own Research" (DYOR) remains the golden rule for any meme coin investment, as the market can be unpredictable and subject to sudden changes.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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