"Are investors now more interested in cats than dogs?"
Even as many memecoins wiped out their weekly losses after the broader cryptocurrency market tumbled, with its market cap plunging 5.2%, Catcoin (CAT) has been on a fast move higher over the past 24 hours.
By observation, CAT's daily trading volume is up 197% at $18.2 million and its price has soared over 1,100% in the last month as its community continues to rally around the cat-themed memecoin.
But overall, the cat-themed memecoin is down 7.1% with a market cap of $1.9 billion and a trading volume of $337 million, but it's worth noting that MEW and Leia managed to record inflows of 35% and 19.6%.
Following on top of the cat-themed memecoin chart plus its community gathering more inflows, MEW has gained 284% in the past week while WEN and MOG saw declines in line with other digital assets.
Not only that, POPCAT and LMEOW also declined 29% and 33% indicating greater outflows in the last 24 hours while Solana-backed memecoins (SOL) like dogwifhat (WIF) also slipped $7.4% then SLERF 35%.
Apart from the memecoin ecosystem, Bitcoin (BTC) which is approaching the halving event has seen outflows including altcoins where it is linked to macroeconomic factors and a slight drop in the stock market.
But from the fourth quarter of 2023, rising traditional investments in the crypto market have been triggered due to the expected approval of the spot BTC ETF by the Securities and Exchange Commission (SEC) which pushed the price of BTC to an all-time high (ATH) last month.
