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 .
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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.
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