Recently on CoinGecko, various meme coins inspired by cats have been gaining popularity, with some showing up to a hundredfold increase in value over the last week.
Despite the main cryptocurrency market currently undergoing a correction phase as investors cash out profits from major cryptocurrencies like Bitcoin and Ethereum, the meme coin segment continues its upward trend. The market capitalization of these specific assets has increased by 4% today, even though the overall value of the crypto market has fallen by 1.5%.
Following the recent success of tokens such as BOME and Slerf, investors are constantly searching for new projects and freshly offered presale tokens. Cat-themed tokens, in particular, are generating significant interest on social media.
CAT Token Reaches Record Highs
The CAT token, one of the first cat-themed meme coins, recorded a historic rise today, with its value skyrocketing by 430% in a single day and surpassing a 1000% increase compared to last week. This sharp increase appears to be the result of spontaneous interest on social media and traders betting on various meme coins.
Another cat-themed token, Chonk The Cat (CHONK), offered in presale just last week, has since notched almost a 200% increase. The most recently introduced token, MEW, immediately enjoyed significant trading interest upon its launch, leading to a rapid accumulation of value.
Risks and Rewards of FOMO Trading
After being listed on the Poloniex exchange, MEW quickly attracted investors, with some managing to turn small deposits into huge amounts. Lookonchain reports a case of a user who invested 35,000 USD in MEW and achieved a return of 8.9 million USD within just two hours.
However, the FOMO (Fear Of Missing Out) phenomenon also carries risks, as demonstrated by the case of a trader who lost more than 200,000 USD after MEW's value dropped by 54% immediately after reaching its peak. These instances remind us that while meme coins can offer high profits, they are also associated with a high risk of loss.
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