The popularity of meme coins mog (MOG), and popcat (POPCAT), grew over the weekend. This was due to the narrative centered around cats and the fact that some traders used them as beta bets.
POPCAT rises over Weekend
POPCAT’s capitalization briefly exceeded $1 billion to win a highly-traded Polymarket bet.
Since early this year, both have rallied alongside tokens with dog themes like bonk (BONK), and dogecoins (DOGE), that function as leveraged wagers on the growth their underlying blockchains.
Popcat (POPCAT), and mog, both meme coins, surged in value over the weekend. This was due to the narrative centered around cats and the fact that some traders used them as beta bets. Popcat briefly reached $1 billion market capitalization in order to win a highly-traded Polymarket bet.
Ether (ETH) has gained more than 5% over the last week, as it is expected that ETH exchange traded funds (ETFs) will begin trading on July 23, 2018. Solana’s SOL rose by 15% during the same time period, boosted by an increase in transactional volume.
Since early this year, cat-themed tokens like popcats and mogs have been rising in value as the prices of Solana’s SOL (Solana’s SOL) and ether rise. These tokens have increased in value along with dogecoin and bonk, which are also beta bets.
Crypto traders call them beta bets. Meme tokens are increasingly being seen as a way to leverage bets on the growth of the underlying blockchains.
After a $630,000 purchase late Sunday, POPCAT’s capitalization surpassed $1 billion.
The Ethereum-based MOG rose 8%, to a capitalization of $960 million, to reach a new life-time peak. Its cult following grew on the social application X, extending a run of two weeks to 70%.
Since March, a Polymarket bet placed on the market capitalization of cat-themed tokens – which some believe will overtake their canine-themed counterparts during the next bull-cycle – has generated $4.6 million worth of trading volume.
On Monday, the market reached $1 billion before paring its gains. In early April it had odds as low as 2 percent and was the third most popular bet, behind hobbes and keycat, two cat-themed tokens.
Some Polymarket users, however, argued that possible market manipulation could have swayed Popcat’s odds in the marketplace.
“Okay, this is interesting. That’s definitely market manipulation. But technically it crossed $1 billion on one website.” “Someone with a vested stake in Popcat manipulated the market to push it over,” wrote Polymarket’s @The_Guru55. “A 1 second pump on 1 website with only 1 order is questionable,” said the user.
Polymarket’s decision is still in effect and was not contested as of Monday morning European time.
