Meme Coins Ride Crypto Rally, Market Capitalizations Soar

A rally in larger cryptocurrencies has spread to small- and mid-cap meme coins, according to CoinDesk. The market capitalization of Cash Cat, a cat-themed token on Robinhood Chain, reached about $215 million after surging 113% in the past week and 345% over the past month.

Cash Cat is not alone in its gains, as other cat- and dog-themed meme coins have also seen significant price increases. Thinking Cat rose 131%, Purr gained 93%, POPCAT climbed 54%, and MEW advanced 49%. Dog-themed tokens such as DOG (Bitcoin) roughly doubled over the past week, while WIF rose 64%, Bonk gained 47%, and FLOKI climbed 40%.

The rally is a sign of increasing investor appetite for risk, according to CoinDesk. Small- and mid-cap meme coins tend to have thin liquidity, which can amplify both gains and losses. The Crypto Fear & Greed Index has also risen to its highest level since early October last year, reaching about 75.