Summary
- Cash Cat surged 113% in a week and 345% in a month, lifting its market capitalization to about $215 million.
- Cat- and dog-themed meme coins have continued to rally, with some posting gains of as much as 131% over the past week.
- CoinDesk said the rally that began in larger cryptocurrencies is spreading to small- and mid-cap meme coins, a shift that could widen both gains and losses as risk appetite increases.
The recent rally in cryptocurrencies is spreading to small- and mid-cap meme coins. Some dog- and cat-themed tokens have more than doubled over the past week.
CoinDesk reported on Aug. 25 that Cash Cat, a meme coin on Robinhood Chain, traded at $0.218 after jumping about 51% in the past 24 hours. The token has surged 113% over the past week and about 345% over the past month. Its market capitalization was about $215 million.
Other cat-themed meme coins also posted strong gains. Over the past week, Thinking Cat rose 131%, Purr gained 93%, POPCAT climbed 54%, and cat in a dogs world, or MEW, advanced 49%.
Dog-themed meme coins also continued to rally. DOG (Bitcoin) roughly doubled over the past week, while dogwifhat, or WIF, rose 64%, Bonk gained 47%, and FLOKI climbed 40%. Larger meme coins also moved higher, with Dogecoin up about 32% and Shiba Inu gaining 30%.
CoinDesk said the rally that began in larger cryptocurrencies is spreading to tokens with smaller market capitalizations, signaling stronger investor appetite for risk. It said small- and mid-cap meme coins tend to have thin liquidity, allowing gains to accelerate when buying intensifies. The same dynamic can magnify losses when selling pressure builds.
Market sentiment is also improving quickly. The Crypto Fear & Greed Index rose to about 75, its highest level since early October last year. Just a week earlier, the index was hovering around 30.
Disclaimer: The market is risky, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are in line with their specific circumstances. Investment based on this is at their own risk.