From dogs, to cats, and even frogs, there has been a notable surge in animal-themed memecoins in the recent crypto rally. As the crypto market inches closer to its historical peaks, these themed tokens are witnessing triple and even quadruple-digit growth over the past month.
In the past 24-hours, dog-themed tokens, notably Dogecoin ($DOGE) and Shiba Inu ($SHIB), generated a staggering $25 billion in trading volume, according to CoinGecko
Leading the dog-themed surge, Hokkaidu Inu ($HOKK), an Ethereum-based token, boasted a 475% increase in the past week alone.
It was closely followed by the industry-known Shiba Inu, which soared by 282% this past week.
Dogecoin also experienced a significant climb over the last week, gaining close to 100% in the last seven days.
Cats vs dogs
Dog-themed tokens are currently winning this battle, boasting a market cap of $55.7 billion, a 34.1% increase in the last day. In contrast, the cat-themed token market is significantly smaller, with a current valuation of $529 million, which has seen a 2.1% decrease in the same period.
However, the cat-themed sector has had its share of standouts, with Arab Cat ($ARAB) seeing an 820% increase in the past week, followed by Solana-based catwifhat ($CWIF) with a 713% gain, and PopCat ($POPCAT) rounding out the top three with a 672% increase.
The rise of frog-themed tokens
Beyond the popular dogs and cats, frog-themed cryptocurrencies are starting to make waves. Pepe ($PEPE), a memecoin once considered out of the running, has rebounded dramatically.
After a significant downturn, losing 83% of its value since 6 May, 2023, Pepe saw a resurgence starting February 25, eventually surpassing its previous all-time high on 2 March.
Currently, Pepe has experienced a 714% increase in the last 30 days, with a market cap now standing at $3 billion and a $4 billion trading volume in the past 24 hours.
Memecoins’ recent success
As the broader cryptocurrency market continues its upward trajectory, memecoins have carved a niche of significant gains. The overall market cap for meme-themed cryptocurrencies is now $64.3 billion, witnessing a 32.3% change in the last day alone. The collective trading volume for these tokens has hit $30 billion in 24 hours.
While the surge in memecoins offers significant profit potential, it also brings inherent volatility. Investors have witnessed sharp declines in the value of these tokens after their peaks, with some experiencing over an 80% reduction from their highest values.
