Key Points
- Bitcoin’s near reach of the $64K mark sparks a rally in the memecoin market, led by POPCAT and MOG.
- A potential “memecoin supercycle” is being discussed, with cat-themed tokens outperforming their dog-themed counterparts.
Bitcoin, nearing the $64K mark, has triggered a rally in the memecoin market.
POPCAT and MOG have led this rally, with gains of over 12% in the past day.
Memecoin Supercycle
A potential “memecoin supercycle” is being discussed on social media.
This theory suggests that memes could drive the next cryptocurrency bull market.
The top 10 memecoins by market cap show that cat-themed tokens are outperforming dog-themed ones.
POPCAT leads with a weekly surge of over 50%, while MOG has a more modest gain of 13%.
This trend could indicate a market shift within the memecoin space.
A few select coins could become the preferred choice for riskier bets, especially during periods of high volatility.
Bitcoin’s Impact
Bitcoin’s heightened sensitivity to macroeconomic factors often triggers market shocks.
The memecoin supercycle is gaining traction as an alternative.
POPCAT initially followed Bitcoin’s bullish wave during the September rally but recorded notably higher daily gains.
Even when Bitcoin peaked near $65K and saw a correction, POPCAT maintained its range for five consecutive days.
As Bitcoin retraces below $63K again, POPCAT is seeing significant daily gains.
Its trading volume has surged over 130% to $188 million from the previous day, while its market cap increased by 14% to $1.3 billion.
If this trend continues, POPCAT could lead a memecoin supercycle.
Factors Driving Traction
Interest in POPCAT has soared over the past week, driven by intense accumulation among stakeholders.
October began with wallet holders withdrawing an impressive 5.33 million POPCAT tokens.
This supports the theory that POPCAT could lead the next memecoin supercycle.
Many memecoins have outperformed Bitcoin in the recent cycle, with SPX6900 alone surging over 200% in just seven days.
A memecoin supercycle could emerge by the end of this quarter, driven by robust trading volumes, passionate communities, and increasing divergence from Bitcoin.
These factors could create the momentum needed for a few selected memecoins to significantly outperform Bitcoin in 2025.