Current Trends in Cat and Dog-Themed Memecoins: Analyzing Weekly Asset Flows
While certain cat-themed and dog-themed memecoins demonstrate positive gains, overall, top memecoins are witnessing daily outflows amid ongoing market liquidations. Despite this, select memecoins have experienced significant rallies during the same period.
Cat-themed memecoins have collectively experienced a 6.6% decrease in market capitalization, amounting to $1.7 billion, within the past 24 hours. Conversely, dog-themed memecoins have seen a marginal 0.7% decline, totaling $54 billion in market capitalization over the same period.
In terms of outflows, several top cat-themed memecoins, such as MEW, have observed significant exits from the market, with a 19.7% decrease in the last 24 hours and a staggering 43% decrease over the week. Similarly, Mog Coin (MOG) and POPCAT have experienced losses of 8.9% and 16.9%, respectively, with differing weekly inflow and outflow trends.
While certain memecoins like WEN and CAT have suffered notable declines in value, others such as LMEOW have surged by 18% within the past 24 hours, demonstrating resilience amid market fluctuations. Additionally, select memecoins have experienced remarkable gains, with some even spiking by 100X within the same period.
Dog-themed memecoins mirror the trend observed in cat-themed counterparts, with top tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) experiencing slight declines. However, on average, dog-themed tokens have maintained weekly gains, with notable performers like KiboShib, Cheems, and Chinu registering significant surges, indicating continued interest and investment in certain segments of the memecoin market.
The current state of the memecoin market is influenced by broader sentiments in the cryptocurrency landscape and macroeconomic factors, contributing to both sideways movement and occasional outflows.