Meme coins POPCAT and MOG have experienced a significant surge over the weekend, fueled by their cat-themed narrative and usage as beta bets by some traders. These tokens have become increasingly popular among crypto enthusiasts, who view them as a leveraged way to bet on the growth of their underlying blockchains.
The Rise of Meme Coins
In recent months, meme coins like POPCAT and MOG have tended to rally alongside dog-themed tokens such as BONK and DOGECOIN. These tokens function as beta bets, allowing traders to bet on the growth of their underlying blockchains. This has led to a significant increase in market capitalization for these tokens.
Polymarket Bet on Cat-Themed Tokens
A Polymarket bet on market capitalization for cat-themed tokens has generated $4.6 million in trading volumes since its inception in March. The market was resolved on Monday, with POPCAT briefly topping $1 billion in capitalization to emerge as the winner. However, some Polymarket users have questioned whether market manipulation played a role in the outcome.
POPCAT: A Brief History
POPCAT is a token based on the Solana blockchain and has gained significant traction among traders. Its price surged after a single $630,000 purchase of the tokens pushed its capitalization over the $1 billion mark.
MOG: The First Cat Coin to Reach $10B
The Ethereum-based MOG token rose 8% to reach a capitalization of $960 million, setting a new lifetime peak. This is a significant milestone for MOG, which has been growing in popularity among traders and investors alike.
Social Media Frenzy
The surge in POPCAT’s price has sparked a social media frenzy, with many users celebrating the token’s success on platforms like Twitter.
@basedkarbon: "Popcat = first cat coin to $1b Mog = first cat coin to $10b" pic.twitter.com/ubUIgDLPkZ
Polymarket Bet: Market Manipulation?
Some Polymarket users have questioned whether market manipulation played a role in the outcome of the bet. One user, @The_Guru55, wrote:
"’Okay so this is interesting because that’s clearly market manipulation, but technically it did cross $1 billion on 1 website. Someone here with a vested interest in Popcat has manipulated the market and pushed it over,’ wrote Polymarket user @The_Guru55. ‘Literally a 1 second pump with 1 order on 1 website is pretty questionable,’ they added."
Resolution: Market Manipulation Unresolved
As of European morning hours Monday, the Polymarket resolution remains in place and has not been disputed.
Other Crypto News
- Ethereum (ETH) Gains Over 5%: Ethereum’s price has gained over 5% in the past week, with many analysts expecting the introduction of ETH exchange-traded funds (ETFs) on July 23 to boost its price further.
- Solana’s SOL Rises 15%: Solana’s token has risen 15% in the same period, buoyed by increased transactional volumes.
Conclusion
The surge in POPCAT and MOG’s prices over the weekend highlights the growing popularity of meme coins among crypto traders. These tokens have become increasingly popular as beta bets, allowing traders to bet on the growth of their underlying blockchains. As the market continues to evolve, it will be interesting to see whether these tokens maintain their momentum and whether market manipulation plays a role in future outcomes.
Related Resources:
