Bitcoin [BTC] nearly reached the $64K mark during the early hours of Monday, coinciding with a pivotal week for U.S. economic data.

This set off a market-wide rally, with POPCAT and MOG, leading the charge, surging over 12% in the last 24 hours.

Bitcoin [BTC] price reached the $64K mark during the early hours of Monday, coinciding with a pivotal week for U.S. economic data.

This set off a market-wide rally, with POPCAT and MOG leading the charge, surging over 12% in the last 24 hours.

Following this, discussions about a potential “memecoin supercycle” – the idea that memes could fuel the next crypto bull market – gained traction on social media. 

But does this theory hold any substantial merit?

This might lead the memecoin supercycle

Among the top 10 memecoins by market cap, cat-themed tokens have outperformed their dog-themed counterparts, positioning themselves as the favored choice for the memecoin supercycle.

POPCAT led the pack with a weekly surge exceeding 50%, while MOG trailed behind with a more modest 13% gain.

This trend suggests a possible market shift within the memecoin space, with a select few becoming the preferred choice for riskier bets, particularly during periods of high volatility.

Put simply, with Bitcoin’s heightened sensitivity to macroeconomic factors – often triggering market shocks – memecoin supercycle is gaining traction as an alternative, evidenced by the chart below.

POPCAT initially rode Bitcoin’s bullish wave during the September rally but recorded notably higher daily gains, especially during the mid-cycle. 

Even when Bitcoin peaked near $65K on the 28th of September and saw a correction, POPCAT held its range for five consecutive days despite market volatility.

A similar pattern is emerging now. As Bitcoin retraces below $63K again amid pressure from the derivative market, POPCAT is seeing significant daily gains, hitting double-digit highs.  

Moreover, its trading volume surged over 130% to $188 million from the previous day, while the market cap increased by 14% to $1.3 billion.

If this trend holds, POPCAT could lead a memecoin supercycle, provided it maintains its independence from Bitcoin’s volatility and successfully tests the $2 mark next.

Many factors are behind the traction

Interest in POPCAT soared over the past week, fueled by a strong accumulation among stakeholders.

October began with wallet holders withdrawing an impressive 5.33 million POPCAT tokens, a remarkable leap from just 1.73 million the day before.

This supports our hypothesis that POPCAT could spearhead the next memecoin supercycle, as more capital shifts away from tokens perceived as overpriced and less attractive to retail investors.