Popcat has made headlines as the first cat-themed meme coin to achieve a $1 billion market capitalization, confirmed through a resolved Polymarket bet.
Surge of Cat-Themed Meme Coins
Over the weekend, meme coins Popcat (POPCAT) and Mog (MOG) saw significant gains driven by their cat-themed narrative and as speculative bets among traders. Popcat briefly surpassed the $1 billion market cap threshold, emerging victorious in a highly active Polymarket trading scenario.
Market Movement of Major Cryptocurrencies
In parallel, Ether (ETH) has seen a 5% increase over the past week in anticipation of the launch of Ether exchange-traded funds (ETFs) starting July 23. Solana’s SOL also surged by 15% during the same period, buoyed by heightened transaction volumes.
Relationship with Leading Cryptocurrencies
Throughout this year, cat-themed tokens like Popcat and Mog have tended to rally alongside the prices of major cryptocurrencies like Solana’s SOL and Ethereum (ETH). This trend mirrors the performance of dog-themed tokens such as Bonk (BONK) and Dogecoin (DOGE), often viewed as speculative “beta bets.”
Beta Betting on Blockchain Growth
Meme tokens are increasingly perceived as leveraged bets on the growth of their underlying blockchains, commonly referred to by crypto traders as beta bets.
Market Dynamics and Popcat’s Rise
Popcat, which operates on the Solana blockchain, experienced a surge following a single $630,000 token purchase late Sunday, propelling its market cap beyond $1 billion.
MOG’s Momentum and Market Sentiment
Meanwhile, Ethereum-based MOG also saw an 8% rise, reaching a $960 million market cap and setting a new all-time high, bolstered by its growing community on the social platform X.
Polymarket Bet and Market Reaction
A Polymarket bet on the market capitalization of cat-themed tokens, including expectations of surpassing dog-themed counterparts in the next bull cycle, amassed $4.6 million in trading volumes since its launch in March.
Resolution and Market Response
The market bet was resolved on Monday as Popcat crossed the $1 billion milestone before retracting gains. Initially considered a long shot with odds as low as 2% in early April, Popcat’s surge marked a significant development in the cat-themed token market.
Market Manipulation Concerns
Despite its resolution, some Polymarket users voiced concerns over possible market manipulation favoring Popcat’s odds, highlighting the impact of speculative trading dynamics within the crypto space.