Crypto rally spills into dog and cat memecoins as smaller tokens double in a week
Smaller memecoins, particularly those themed around cats and dogs, have seen significant price surges as speculative interest in the crypto market grows. Analysts note that while these tokens offer high percentage gains, their low liquidity makes them highly volatile.
Why it matters
The rally in memecoins serves as a barometer for retail investor risk appetite and speculative behavior in the broader cryptocurrency market.
Robinhood-based Cash Cat led the move Tuesday, jumping about 51% over 24 hours to $0.218 and more than 113% over the past week. The token has gained about 345% over 30 days, taking its market value to roughly $215 million.
Other cat-themed tokens have joined the chase. Thinking Cat has surged 131% over seven days, Purr is up 93%, Popcat has jumped 54% and cat in a dogs world, or MEW, has climbed 49%.
The same pattern is showing up among dog coins. Dog (Bitcoin) has nearly doubled over the past week, while dogwifhat has climbed 64%, Bonk 47% and Floki 40%.
Even the largest memecoins are participating, though with smaller gains. Dogecoin is up about 32% over the past seven days and Shiba Inu about 30%.
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