Crypto Prices Dip But is New Dogecoin, Shiba Inu Challenger CatSlap Poised for a Breakout?
The cryptocurrency market is cooling off today as Bitcoin prices approach $92,000. As a result, both the market-leading meme coins Dogecoin and Shiba Inu fell into heavy losses.
However, a new entrant called CatSlap is on the rise and is seeing an influx of buy-side activity. Is this about to explode?
DOGE weighs on market as BTC pulls back
Dogecoin has been leading the memecoin space lately, and today is no exception.
But today, it drags down everything else instead of lifting it up.
Bitcoin briefly fell below $92,000 on Tuesday, unnerving the altcoin market.
Dogecoin was the hardest hit among the top 10, down 4.2% today. To put it into perspective, this means that more than $2 billion was wiped off its market value in 24 hours. This brings it back to breakeven on a weekly basis, which is disappointing as it looked on track to hit a new all-time high (ATH) before it started to fall on Saturday.
Other meme coins are plunging as well.
Shiba Inu plunged 2.8% in the past 24 hours, Pepe fell 5.3% and Bonk fell 4.8%. But Dogwifhat suffered the most, down 9.6% today.
This all comes as the price of Bitcoin is causing market jitters. After peaking at $99,600 on November 22, it has now fallen back to $92,500.
While it remains a strong price well above previous highs, traders are abandoning their altcoin investments in preparation for further pullbacks.
Meme coin season is about to resume
Despite the meme coin sell-off, analysts say there is nothing to worry about.
Tesla Model Doge, for example, said the “real” Dogecoin rally has not yet begun. Analysts note that DOGE is trading within an ascending channel before breaking out to the upside and surging towards $1.
https://x.com/TeslaModelDoge/status/1861552310285148430
Meanwhile, Kate the Alt observed that retail traders are piling into DOGE.
This is a good sign and highlights that meme coins continue to be a coveted asset class in the retail industry.
Based on its price chart and retail interest, DOGE looks poised for further growth after the current cooling-off period. Just as it led the recent boom and bust in the memecoin market, we may see the same thing next time.
CatSlap has broken out
Even as the market finds its footing, viral meme coins cat paw Showing dominance by breaking out of a huge falling wedge chart pattern.
This is a notable bullish pattern and its breakout to the upside suggests that a bullish rally could begin now even as other meme coins struggle.
CatSlap is an Ethereum-based cat-themed meme coin that offers a gamified experience through the “CatSlap Slapometer.” Users track their scores and compete against global competitors.
However, there are also rumors that CatSlap will expand into a full-scale Play-to-Earn game, setting it apart from any other cat coins on the market.
Additionally, the project has a staking mechanism that allows users to lock their $SLAP to earn rewards. Currently, staking offers an annual interest rate of 40%.
Cat-themed meta is on the rise. While dog-themed cryptocurrencies are worth $85 billion, the cat-themed market is worth just $5 billion.
It’s clear which one has more room to grow, CatSlap is doing a lot of things that other cat-themed cryptocurrencies can’t. As a result, analysts such as Michael Wrubel even said $SLAP could rise 50x.
50x seems ambitious, but CatSlap’s market cap is only $22 million. Such a gain would put it on par with current market leader Popcat, which is certainly possible in a bull market.
Investors can purchase CatSlap through the DEX on its website, or use the Best Wallet app through its upcoming token feature.
