Meme Coins Rally as Popcat and Mog Capture Trader Attention

Meme Coins Surge Amid Cat-Themed Excitement

This past weekend witnessed a remarkable rally in the popularity of meme coins, particularly Popcat (POPCAT) and Mog (MOG). The surge can be attributed to the whimsical cat-themed narrative that has captivated traders, who are increasingly using these tokens as speculative “beta bets.” Notably, Popcat briefly surpassed a staggering $1 billion in market capitalization, emerging as a frontrunner in a highly active Polymarket betting scenario.

In the broader cryptocurrency market, Ether (ETH) has experienced a notable increase of over 5% in the last week, fueled by the anticipation surrounding the launch of Ethereum exchange-traded funds (ETFs) expected to commence trading on July 23. Meanwhile, Solana’s SOL token has soared by an impressive 15%, driven by a substantial rise in transactional volumes.

Since the beginning of this year, both Popcat and Mog have demonstrated a tendency to rally in tandem with the rising prices of Solana’s SOL and Ether. This correlation has also extended to other meme tokens, such as Bonk (BONK) and Dogecoin (DOGE), which similarly function as speculative bets on the performance of their underlying blockchains. Crypto traders often refer to these tokens as “beta bets,” indicating their leveraged nature.

The POPCAT token, built on the Solana blockchain, witnessed a dramatic spike after a single purchase of $630,000 on Sunday propelled its market capitalization past the $1 billion threshold. On the other hand, MOG, which is based on Ethereum, climbed 8% to reach a market capitalization of $960 million, setting a new all-time high. This impressive ascent reflects a two-week trajectory that has seen its value increase by over 70%, fueled by a growing cult following on the social media platform X.

• A Polymarket bet focused on the market capitalization of cat-themed tokens has garnered significant attention, accumulating $4.6 million in trading volumes since its inception in March.
• The market was officially resolved on Monday when the capitalization crossed the $1 billion mark, although it did experience a slight pullback afterward.
• In early April, the odds for this bet were as low as 2%, making it the third-highest wager behind other cat-themed tokens, Keycat and Hobbes.

However, the excitement surrounding Popcat has not been without controversy. Some users on Polymarket have raised concerns about potential market manipulation that may have influenced the betting odds favoring Popcat. One user, known as @The_Guru55, remarked, “Okay so this is interesting because that’s clearly market manipulation, but technically it did cross $1 billion on one website. Someone here with a vested interest in Popcat has manipulated the market and pushed it over.” They further added, “Literally a 1-second pump with one order on one website is pretty questionable.”

As of Monday morning in Europe, Polymarket’s resolution remains intact and has not faced any disputes.