- The memecoin supercycle is gaining momentum as market optimism rises.
- Some memecoins are diverging from Bitcoin’s volatility, ready to lead.
As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I’ve seen my fair share of market trends and cycles. The recent surge of memecoins and the potential for a “memecoin supercycle” has piqued my interest.
On Monday’s early morning, Bitcoin (BTC) came very close to hitting $64,000, aligning with a crucial period for the release of key U.S. economic statistics.
This triggered a broad market surge, with POPCAT and MOG taking the front line, skyrocketing more than 12% within the past day.
Afterward, there was increasing talk online about a possible “meme coin boom cycle” – a theory suggesting that memes might drive the next significant surge in the cryptocurrency market.
But does this theory hold any substantial merit?
THIS might lead the memecoin supercycle
In comparison with the top 10 popular cryptocurrencies based on their market value that are related to internet memes, those featuring cats have surpassed those representing dogs in terms of performance. As a result, cat-themed tokens have emerged as preferred choices for investors during the current memecoin boom period.
In the past week, POPCAT outperformed others by surging over 50%, whereas MOG experienced a more moderate increase of 13%.
This trend suggests a possible market shift within the memecoin space, with a select few becoming the preferred choice for riskier bets, particularly during periods of high volatility.
In simpler terms, due to Bitcoin’s strong connection to larger economic events, which can sometimes cause market turbulence, there’s a growing trend towards meme coins as an alternative. This shift is supported by the graph you see here.
Source : Coinalyze
At first, POPCAT followed the surging trend of Bitcoin during its September surge, but it particularly stood out by recording significantly larger daily increases, especially during the middle part of the cycle.
Despite Bitcoin reaching almost $65,000 on the 28th of September and experiencing a correction afterwards, POPCAT maintained its price range for an uninterrupted period of five days, even amidst the market’s turbulence.
A similar pattern is emerging now. As Bitcoin retraces below $63K again amid pressure from the derivative market, POPCAT is seeing significant daily gains, hitting double-digit highs.
Furthermore, the trading volume significantly grew by more than 130%, reaching $188 million, compared to the prior day. Meanwhile, the market capitalization also experienced a rise of approximately 14%, amounting to $1.3 billion.
If this ongoing pattern persists, it’s plausible that POPCAT might spearhead a cycle of popular cryptocurrencies (meme coins), as long as it continues to separate itself from Bitcoin’s price fluctuations and manages to break through the $2 threshold in its future tests.
Many factors are behind the traction
Interest in POPCAT soared over the past week, fueled by intense accumulation among stakeholders.
To start off October, there was a significant increase in the withdrawal of POPCAT tokens from wallets. On the previous day, only 1.73 million tokens were taken out, but this figure skyrocketed to an impressive 5.33 million on the first day of the month.
Source : Coinglass
This evidence lends credence to the idea that POPCAT might lead the upcoming meme coin boom, considering how funds are moving from coins seen as overvalued and unappealing to common investors, as capital is increasingly redirected elsewhere.
In contrast to Bitcoin, various meme-based cryptocurrencies have shown exceptional performance in the current market cycle. One such coin, SPX6900, has witnessed an astounding increase of more than 200% within a week’s time.
It seems likely that a meme coin surge will occur before the current quarter concludes, fueled by strong trading activity, fervent fan bases, and an expanding gap between these coins and Bitcoin.
In unison, the convergence of these elements might generate enough impetus for a handful of chosen meme-based cryptocurrencies to surpass Bitcoin’s performance remarkably in the year 2025.
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2024-10-08 00:08