Step Aside Dogs, Cat Themed Memecoins Are The New Big Deal on Solana
Cat-themed memecoins are dominating Solana trading chats with MEW printing multimillionaires from early buyers.
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The market cap of Solana memecoin MEW reached $800 million on March 29 as interest in cat-themed memecoins reached new highs.
Cat in A Dog World (MEW), which started trading five days ago, is already up more than 100,000% from its price at launch, leaving early buyers with massive gains.
However, it is not the only cat-themed memecoin that has made massive gains on Solana. Others, such as Shark Cat, have also been performing positively, and more tokens inspired by cats are emerging on the network.
Early MEW Buyers Make Millions in Profits
The meteoritic rise of MEW over the past few days left several of those who bought the token early with massive profits. According to Lookonchain data, the coin has increased 1267x since its launch.
One particular trader who spent 178.2 SOL ($35k) to buy 4.41 billion MEW immediately after the token started trading ended up with over $44 million in unrealized profits.
In another instance, a whale bought 9.5 billion MEW with 5,490 SOL ($1.07 million). They made over $90 million in unrealized profits.
Meanwhile, not every early buyer held for long. Some sold within a few hours after buying and still made handsome profits.
A trader who spent 30 SOL to acquire 368 million MEW later sold 200.2 MEW for 2,828 SOL. With the address holding 168 million MEW tokens, the total profit is around $877k.
Another made 8,467 SOL in profits after selling 1.85 million MEW for 10,729 SOL just one day after acquiring the tokens.
Interest Shifting Other Cat-Themed Coins
Following MEW performance, traders are targeting other cat-themed tokens to find the next major cap coin. Several tokens, such as Shark Cat, Catwifbag, Space Cat, Batcat, and Cats of SOL, have all seen sizable trading volume over the last 24 hours.
However, most of these coins have low market cap and even lower liquidity, suggesting that they are very risky.
The other cat-themed memecoin that has seen significant growth is Shark Cat. Over the last 24 hours, the token has increased by over 80%, sending its market cap above $300 million.
One patient trader who bought the token made over $2.1 million in profits with just 6.6 SOL. The trader bought 33.6 million SC five hours after it opened trading and watched the price go up more than 1000x. They later sold 4.6 million SC for 768 SOL, holding 29 million SC worth $2 million.
MEW Sees Price Correction
Meanwhile, MEW is down 8% today as the token faces the pullbacks. With the price decline, the market cap has now dropped to $585 million from its peak of over $800 million.
This is likely a result of whales selling for profits coupled with the drop in interest from degen traders. However, the token could still rise in value substantially if it gets any major exchange listing.
