Cat-themed memecoins and AI tokens post large gains in recent rally
Cat-themed memecoins have rallied over the past week.AI tokens have risen strongly over the last 24 hours.
"Cat-themed memecoins have reached a cumulative market capitalization of over $750 million. Although this figure is relatively modest compared to the market caps of dog-themed coins, it demonstrates, if nothing else, the huge shift taking place in favor of crypto meme/animal coins," Bitfinex analysts said.
The top three cat-themed coins
The top three coins by market capitalization in the Coingecko Cat-themed category account for around 80% of the total index market capitalization. "This underscores a significant concentration within this niche sector," Bitfinex analysts added.
Of the top three cat-inspired memecoins , Wen and Popcat POPCAT -22.56% have made substantial rallies in the past week, posting gains of 26% and 163% respectively. Toshi, ranked third by market cap, has experienced a pullback in the past week but still managed to gain over 24% in the past 24 hours, according to CoinGecko data.
The market cap of cat-themed memecoins now stands at $788 million, increasing by over 3% in the past 24 hours. In comparison, the combined cryptocurrency market cap has gained only 0.8% in the same period, to a total value of $2.84 trillion, according to CoinGecko data.
AI-related crypto tokens rally
AI-themed tokens have also experienced significant gains in the past 24 hours. The AI-themed crypto market cap now stands at $22 billion, an increase of 37% in the last 24 hours.
Major tokens associated with the AI-related crypto sector have posted substantial gains. RNDR, the native token of Render, a platform that helps artists access computing power for rendering generative AI artwork, has gained over 54% in the past week and is now trading at $11.18.
Joining the recent rally of AI-related tokens is GRT, the native token of The Graph protocol. Its price has gained 41% in the past week to now trade at $0.42. GRT's price has increased by 152% in the past month.
Bitcoin trades flat over the past day
Bitcoin's price increased by a muted 0.66% in the past 24 hours and was changing hands for $72,086 at 6:27 a.m. ET, according to The Block's Price Page .
The GM 30 Index , representing a selection of the top 30 cryptocurrencies, has increased by 0.26% to 156.54 in the past 24 hours.
Bitcoin dominance is at 49.9% and Ethereum dominance is at 17%, according to CoinGecko data .
The price of bitcoin has increased by 0.5% in the past 24 hours. Image: The Block.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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