Whereas long-established dog-themed memecoins equivalent to DOGE and SHIB continue to dominate the category, cat-themed tokens are gaining flooring.

On Tuesday afternoon, POPCAT, a token impressed by an web meme from 2020 of a cat named Oatmeal opening and closing its mouth, reached an all-time excessive of $1.80 and a market cap of $1.7 billion. POPCAT used to be right now shopping and selling at $1.68, per CoinGecko.

DOGE, established in 2013, leads the memecoin category by a huge margin with a $24.7 million market cap, adopted by SHIB’s $10.9 billion market cap and WIF’s nearly $2.6 billion figure.

But POPCAT right now surpassed the dog-themed cryptocurrency BONK in market cap. The cat token is now the 2d-biggest memecoin on Solana, the blockchain ecosystem that helped spur the novel memecoin frenzy. Total, POPCAT is the Sixtieth biggest token amongst all cryptocurrencies by market cap.

All the scheme in which thru the last year, POPCAT has change into a favored memecoin as mirrored in its shopping and selling quantity on DeFi protocols. On decentralized substitute Orca, as an illustration, POPCAT trails glorious liquidity swimming pools SOL/USDC and PYUSD/USDC in 24-hour shopping and selling quantity.

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Traders React

On the a similar day that POPCAT reached its all-time excessive, memecoin investor Murad Mahmudov, who named POPCAT as one of his top ten picks for this novel cycle, shared technical prognosis showing that the memecoin has room to upward thrust additional.

On the opposite hand, some clean cash wallets indulge in reduced their exposure in POPCAT’s most modern flee up, per blockchain analytics company Nansen. Three clean cash wallets—wiftardio.sol, batmanwif.sol, and crypto funding company Sigil Fund—indulge in collectively reduced their holdings of POPCAT by extra than $6.4 million over the past seven days.

Wiftardio.sol deposited $3.4 million worth of POPCAT into Kraken two days previously, while Sigil Fund transfered $1.2 million to Gate.io. Wiftardio.sol and Sigil Fund indulge in extra than $2 million worth of WIF in every of their holdings, but batmanwif.sol has fully exited his POPCAT space.

Of the 350 million wallets Nansen names, roughly 10,000 are labeled “clean cash” per their onchain profitability file.

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