Catwifhat, the Solana memecoin, bucks market trend with impressive 40% surge.
Bitcoin and other prominent cryptocurrencies may be experiencing a bearish trend, but the Catwifhat (CWIF) meme coin on the Solana blockchain is defying this pattern. Catwifhat, the feline-themed counterpart to the popular Dogwifhat meme coin, is on an upward trajectory. Today, the coin has surged by 42%, reaching $0.00000082 after a 60% increase in trading volume. CoinMarketCap data reveals that Catwifhat now has a market capitalization of $30 million.
Investors still remember the meteoric rise of Dogwifhat, and they are cautious about underestimating its feline counterpart. At its peak, Dogwifhat became the top Solana meme coin with a valuation of $4.8 billion. It also established a strong correlation with Solana, one of the leading cryptocurrencies in the current bull market. Now, Catwifhat seems to be following a similar path. It has experienced a 400% surge in the past week while maintaining a market cap of only $30 million.
Despite Catwifhat’s market cap being a fraction of Dogwifhat’s peak, the coin continues to receive significant catalysts that contribute to its value. On April 25, Catwifhat perpetual futures launched on BitMart, offering a new trading avenue for investors. Moreover, its market cap and circulating supply are now verified by SolanaFM, CoinMarketCap, Solscan, and CoinGecko. The coin is also trending on platforms like DEXTools and Bireye.
Catwifhat’s X account and its supporters are now advocating for KuCoin to list the meme coin on its exchange. This would further increase its exposure and trading opportunities.
The recent surge in the Solana-based meme coin coincides with Franklin Templeton, a prominent asset management firm, recognizing Solana’s potential to solidify its position as the third-largest cryptocurrency in the market. The firm’s recognition aligns with Solana’s appeal for scalability and low transaction fees, which have made it an attractive platform for meme tokens like Catwifhat, as well as other notable tokens like BONK and WIF, which have consistently ranked among the top 100 cryptocurrencies by market valuation.
In April, the meme coin frenzy resulted in the launch of over 138 tokens, indicating the growing popularity and interest in this sector.
