After WIF hits new highs, Solana enters the "meme coin season"
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After WIF hits new highs, Solana enters the "meme coin season"
This time, can the "cat coin movement" sparked by the Solana ecosystem truly propel cats to rise in the crypto meme market?
Navigating Web3 tides with focused insightsAuthor: 0xFacai
On March 31, WIF surged past $4.85, achieving a 24-hour gain of 4.14% and setting a new all-time high. This "dog wearing a hat" has now surpassed PEPE to become the third-largest meme token by market capitalization. Upon closer inspection, you'll notice that nearly half of the top 10 meme tokens by market cap are dog-related, with the top three entirely dominated by "Dog coins."
As the oldest meme coin in the crypto space, Dogecoin's precedent of using dogs as memes has had a profound and lasting impact on the cryptocurrency meme market. Over the past few years, nearly every viral meme on each major blockchain has been dog-themed—examples include AIDoge on Arbitrum and Chihuahua on Cosmos. In fact, during a podcast interview with Lex Fridman, Vitalik himself remarked that "cat memes" have never succeeded in the crypto market.
Interestingly, this trend appears to be shifting after the rise of WIF.
Recently, a meme token called "Cat in a Dog's World" (MEW) has swept through the Twitter crypto community and the Solana ecosystem. MEW positions itself around an "anti-dog" sentiment. Upon visiting its website, users are immediately greeted with the slogan: "Dogs have ruled this world for too long." The background image features a poised white cat directing its claws toward a "dog mafia" composed of well-known meme tokens like Bonk, WIF, and SHIB.
After an initial spike followed by a pullback, MEW quickly entered a second upward phase, achieving gains as high as 10x within two days. Yesterday, it was also discovered that users who purchased the second batch of Solana SAGA phones received a small airdrop of MEW tokens. As of now, MEW’s market cap has reached $500 million, with daily trading volume remaining at $35 million.
With MEW’s momentum continuing, Solana appears to be entering a "cat season" hype cycle. This morning, after MEW’s official Twitter account retweeted a post from Ansem—a prominent KOL in the Solana ecosystem—a meme token named "Ansem's Cat" (Hobbes) suddenly shot to the top of DexScreener’s Solana trending list, generating $50 million in trading volume within less than four hours of launch.
Beyond Hobbes, recent popular trading pairs on Solana are increasingly dominated by "cat coins." In addition to mainstream ones like MEW and NUB, many new meme tokens are blending elements from previous Solana meme cycles—taking inspiration from WIF by incorporating "cat" into the names of Silicon Valley companies or crypto projects such as Snapchat, Microsoft, CoinMarketCap, and Phantom.
Since the beginning of this year, the Solana ecosystem has consistently led the broader crypto meme market in terms of meme-driven speculation. Now, will this "cat coin movement" on Solana finally allow cats to rise in the world of crypto memes?
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