Cat-themed memecoins rally following Roaring Kitty's return to Reddit
The cat-themed sector of the memecoin market has outperformed the wider cryptocurrency market in the past 24 hours.The rally follows the reported return of ‘Roaring Kitty’ to Reddit, which caused the prices of the GME, ROAR, and KITTY memecoins to surge on Monday and then sharply sell-off.
The market cap of cat-themed memecoins has gained over the past 24 hours following an uptick in the wider memecoin ecosystem triggered by the reported return of 'Roaring Kitty' to Reddit earlier this week.
Allocations into the cat-themed memecoin category came as investors ventured further out the risk curve after an early-week rally by GameStop and Roaring Kitty-themed memecoins.
On Monday, GME, ROAR and KITTY saw gains of 315%, 660% and 476%, respectively, after Keith Gill, a.k.a 'Roaring Kitty', reportedly returned to Reddit with a post that appeared to show he holds five million shares and 120,000 call options in GameStop stock.
However, ROAR and KITTY have since posted declines in the double digits — down 50% and 65%, respectively — in the past 24 hours, and GME has traded down 6.58% in the same period.
GME is a Solana-based memecoin using the same ticker symbol as GameStop stock but has no official affiliation with the video game retailer. ROAR and KITTY are themed on the Roaring Kitty online persona of Keith Gill, who was involved in the GameStop short squeeze three years ago, but again have no official connection to the investor.
Cat-themed tokens outperform the wider crypto market
The cat-themed memecoin market cap today stands at $2.76 billion — an increase of 10% in the last 24 hours — according to Coingecko data .
RELATED INDICES
Major cat-themed tokens in the Coingecko Cat-themed category market cap top ten — such as POPCAT +10.55% , MANEKI and PURR — have gained 11%, 2% and 22% in the past 24 hours, respectively.
Compared to the memecoin rally, the wider cryptocurrency market decreased by 0.4% to $2.7 trillion in the same period. The bitcoin price decreased over 0.4% in the past day and was changing hands for $69,040 at 8:19 a.m. ET., and ether fell 1.4% to $3,756 according to The Block's Price Pages .
Memecoin ecosystem benefiting
According to Wintermute analysts, the fast money that focused on the "return" of 'Roaring Kitty' on Monday has gone on to benefit the wider memecoin ecosystem.
"The beneficiaries include FLOKI, BONK, WIF and PEPE, whilst ONDO and ENA are solidifying their position as the preferred place for traders to bet on the ether narrative," Wintermute analysts added in an email sent to The Block.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Arthur Hayes’ New Article: BTC May Drop to 80,000 Before Kicking Off a New Round of “Money Printing” Rally
The bulls are right; over time, the money printer will inevitably go “brrrr.”
Mars Morning News | Federal Reserve officials divided on December rate cut, at least three dissenting votes, Bitcoin's expected decline may extend to $80,000
Bitcoin and Ethereum prices have experienced significant declines, with disagreements over Federal Reserve interest rate policies increasing market uncertainty. The mainstream crypto treasury company mNAV fell below 1, and traders are showing strong bearish sentiment. Vitalik criticized FTX for violating Ethereum’s decentralization principles. The supply of PYUSD has surged, with PayPal continuing to strengthen its presence in the stablecoin market. Summary generated by Mars AI. This summary was produced by the Mars AI model, and the accuracy and completeness of its content are still being iteratively updated.
"Sell-off" countdown: 61,000 BTC about to be dumped—why is it much scarier than "Mt. Gox"?
The UK government plans to sell 61,000 seized bitcoins to fill its fiscal gap, which will result in long-term selling pressure on the market.
A $500,000 lesson: He made the right prediction but ended up in debt
The article discusses a trading incident on the prediction market Polymarket following the end of the U.S. government shutdown. Star trader YagsiTtocS lost $500,000 by ignoring market rules, while ordinary trader sargallot earned more than $100,000 by carefully reading the rules. The event highlights the importance of understanding market regulations. Summary generated by Mars AI. This summary was generated by the Mars AI model, and its accuracy and completeness are still being iteratively improved.
Trending news
MoreCrypto prices
More
