Zinger Key Points
- HOBBES, a new cat-themed meme coin, surged to a $98 million valuation within 24 hours of launch.
- The "cat mania" in the meme coin market has narrowed the gap between cat and dog-themed coins.
- Get Wall Street's Hottest Chart Every Morning
Ansem’s Cat, a new meme coin named after the cat of Solana SOL/USD influencer and trader Ansem, rocketed to a valuation of almost $100 million within the first 24 hours of its launch.
What Happened: The 2024 meme coin saga added a new chapter, as Ansem, an influential figure in the Solana ecosystem teased and later revealed his cat’s name as Hobbes:
Subsequent video proof of the cat only spurred on the rally of HOBBES (the meme coin), which shot to a preliminary all-time high market capitalization of $98 million on trading volume of over $170 million per DexScreener data.
The cat reveal hit an already heated meme coin market, which has seen cat-related speculation over the past week. MEW, another cat-themed coin, had shot to a valuation of over $500 million the prior week, netting a trader a 255X return.
Why It Matters: The “cat mania” has gripped the meme coin market, with cat-themed coins finally catching up to the performance of dog-themed coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD.
As one influencer points out, cat-themed coins severely lagged in valuation only a month ago but are now heavily trending on Solana:
Per CoinGecko data, the market capitalization of cat coins has surged to $1.9 billion, slightly closing the gap to dog coins” $52 billion valuation.
Hobbes’ owner Ansem has been a key figure for the growth of Solana meme coins, helping to raise money for the appearance of Dogwifhat WIF/USD on the Las Vegas Sphere and putting “a hat” on the Wall Street Bull statue.
The influencer also teased “the first cat to a dollar” in a tweet, without specifying which coin he referred to.
What’s Next: The impact of meme coins on in cryptocurrency investments is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Trader Who Urged Everyone To Buy $1 Of Bitcoin In 2013 Now Advocates For ‘Dogecoin Killer' Shiba Inu
Image created using artificial intelligence with Midjourney.
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