Catwifhat led meme coin losses on Wednesday amid heavy CWIF selling on crypto exchanges with high volumes for CWIF/USDT on Poloniex, LBank, Coinstore, and Bitrue, according to data from CoinMarketCap.
Meanwhile, Kai Cat ($KAI) on Ethereum crushed the half million dollar mark in its premarket token sale. During the presale, coins are available at the same, low, fixed, fair price to any buyer (although the price goes up every few days to incentivize timely decision making).
As for Catwifhat, the popular deflationary Solana cat meme currency with a $27 million market cap slid further down the crypto altcoin price charts than any other Top 50 meme coin by market cap after its losses Wednesday of 49% on the 7-day window.
No, not T-Swift— CWIF.
Who’s Selling CatWifHat ($CWIF)?
Catwifhat is a deflationary meme coin that shook up the Solana meme market early this year after the project completed an aggressive campaign to airdrop the cat in the hat to 1,300,000 wallets. It’s based on the hit meme coin Dogwifhat (WIF) and uses the burn fee with Solana Token Extensions to automatically burn 4% of the coins on each on-chain transaction.
CWIF did so well with big rally gains in February and again in May that it lost more than any other meme coin over the past week to correct and consolidate.
In fact, CWIF fell out of the Top 50 meme coins to the #51 spot after markets moved, and a $26 million Ethereum Pepe currency named Hoppy (not to be confused with SPL Hoppy on Solana) rallied 150%.
Maybe that’s what the big cats were buying this week with their Catwifhat profits, but as any Dogecoin investor of yesteryear can attest, birds of a feather flock together and the animal spirits are such real engines of market movement in cryptocurrency memedom as they are on Wall Street.
Are Meme Coin Traders Buying Kai Cat In Presale?
There likely are not very many Catwifhat sellers buying other Top 50 meme coins this week.
All those coins are selling off like crazy this week as well, just not with the level of urgency that Catwifhat bagholders unloaded CWIF. But there doesn’t look like a whole lot of buying going on.
Leading meme coin DOGE is down 17.7% for the 7-day window. Ethereum Shiba Inu (SHIB) is down 21% over the same period. King Pepe coin PEPE on Ethereum (orange lips, those green lip Pepes are not the same prince) fell 18% meanwhile, and FLOKI and BONK were both down 31% on Wednesday for the week’s trading.
So are the cat bulls buying up Ethereum Kai Cat Coin tokens this week?
That would make sense. It would also make sense that some of the doge meme profit takers have moved their money to build a little green house or two on Kai Cat Avenue.
Kai Cat is a third-party audited, Ethereum-secured, capital liquidity meme coin supporting the world’s leading DeFi blockchain. It offers investors staking, meme marketing, and community engagement rewards. Sales of $KAI for ETH and USDT have exploded in June as it nears the launch date to be listed for trading on Uniswap.
Visit Kai Cat Coin’s Presale Page For More Info.
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