Solana memecoin Catwifhat defies market trend with 40% surge

Bitcoin and other leading cryptocurrencies may be showing bearish trends, but Solana meme coin Catwifhat (CWIF) is bucking that pattern.

Catwifhat, a feline-themed counterpart to Soalna memecoin Dogwifhat, is back on an upward trajectory. The coin has surged by 42% today, reaching $0.00000082 following a 60% jump in trading volume. Data from CoinMarketCap reveals that Catwifhat has regained a market capitalization of $30 million.

The meteoric ascent of Dogwifhat is still fresh in the minds of investors who are cautious about not fading its feline counterpart. At its peak, Dogwifhat became the top Solana meme coin, reaching a valuation of $4.8 billion.

Furthermore, Dogwifhat established a strong correlation with Solana, which has been one of the leading cryptocurrencies in the current bull market. Now, Catwifhat appears to be following suit. It has seen a 400% surge in the past week while maintaining a market cap of just $30 million.

Despite its current market cap of Catwifhat being a fraction of Dogwifhat’s peak, the coin continues to receive significant catalysts that bolster its value.

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On April 25, Catwifhat perpetual futures launched on BitMart, providing a new trading avenue for investors. Additionally, its market cap and circulating supply are now verified by SolanaFM, CoinMarketCap, Solscan, and CoinGecko. It is also trending on platforms such as DEXTools and Bireye.

Less than a month ago, majority thought $CWIF’s market cap was ~$250 million because no sources showed Token Extension burns

The game has changed, and @solanafm, @solscanofficial, @CoinMarketCap, and @coingecko now show $CWIF’s verified Market Cap and Circulating Supply 🎉🍾🥳 pic.twitter.com/ILo3e5e5rt

— catwifhat $CWIF (@catwifhatsolana) May 8, 2024

Catwifhat’s X account, along with its supporters, is now advocating for KuCoin to list the meme coin on its exchange.

The latest surge in the Solana-based meme coin comes as Franklin Templeton, a prominent asset management firm, acknowledged Solana’s growing potential to solidify its position as the third-largest cryptocurrency in the market.

The firm’s recognition of Solana is aligned with its appeal for scalability and low transaction fees. Such characteristics have made Solana a fertile ground for meme tokens like Catwifhat and other notable tokens, such as BONK and WIF, which have remained among the top 100 cryptocurrencies by market valuation.

Read more: Meme coin mania sees over 138 tokens launched in April

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