The Cardano (ADA) price remained in a tight range even as other altcoins rose

The Cardano price remained in a tight range even as other altcoins rose after the Federal Reserve interest rate decision.

The Cardano price remained in a tight range even as other altcoins rose after the Federal Reserve interest rate decision. ADA traded at $0.735, where it had been stuck for the past few days.

A potential catalyst for Cardano’s price may come from an unlikely source: Charles Hoskinson’s new cats.

Interestingly, Charles Hoskinson’s acquisition of new cats from his trip to Hawaii might influence Cardano’s dynamics. He mentioned in an X post that he had acquired new cats during his stay there for the past few days.

Got some cats while in Hawaii. pic.twitter.com/Q3W9BElOXT

— Charles Hoskinson (@chainalytics) August 3, 2023

Theoretically, Hoskinson’s acquisition of new cats should neither make headlines nor impact an asset’s price. However, in practice, these new cats may impact the Cardano price, albeit minor.

That’s because animals associated with key players in the crypto industry often lead to more activity. According to CoinGecko, cat-themed tokens are valued at over $1.6 billion. The biggest one, known as MEOW, has a market cap of over $215 million.

Ket is valued at $198 million, while Popcat, Mog Coin, Cat in a dog’s world, Toshi, and Simon’s Cat are valued at over $56 million each.

Also, in the past, animals associated with key players in the crypto industry have led to more activity. For example, Changpeng Zhao recently unveiled Broccoli, his dog. Today, the Broccoli token has a valuation of over $73 million.

Floki, which was named after Elon Musk’s dog, is valued at $609 million and is one of the most popular meme coins in crypto.

Therefore – and this is pure speculation – there is a likelihood that Hoskinson’s cats will usher in the era of meme coins on Cardano. While Solana has already incorporated meme coins, Cardano’s ecosystem has no major meme coins. This explains why DEX networks in its ecosystem, like Minswap and MuesliSwap, rarely have substantial volume.

The emergence of a meme coin ecosystem on Cardano would be another catalyst for the ADA price. Other potential catalysts for Cardano include the anticipated ADA ETF approval and BitcoinOS integration into the network.