Traders Protect Investments in Solana Meme Coin by Investing in Ethereum Meme KAI Cat
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Solana (SOL) has been performing exceptionally well, with its base layer tokens and meme coins surpassing Ethereum (ETH) this year. While this trend may continue throughout 2024, it seems that Ethereum memes will be the next big thing as the pendulum swings back to the leading DeFi blockchain.
DogWifHat (WIF) is an SPL token (Solana Program Library) that was launched on November 20, 2023. Since the beginning of this year, its tokens have increased in value by 827%. This means that every dollar invested in these highly popular Solana meme coins on January 1 is now worth nine dollars on crypto exchanges worldwide. Another coin with similar potential is Ethereum Kai Cat (KAI).
Ethereum Kai Cat, pronounced “Kay Eye Cat,” is an Ethereum ERC20 token currently in its presale phase. As it is still in presale, the coin’s price remains stable, allowing altcoin crypto investors to enter the token supply before it is listed on exchanges and potentially multiply in value.
As shown in the TradingView chart above, WIF has outperformed Ethereum’s Shiba Inu coin (SHIB) so far in 2024. However, it is worth noting that Bonk (BONK), which is trailing behind SHIB this year (106% to 159%), was the top gainer in the crypto market in 2023, with an astonishing 7,000% price return in just 12 months, according to data from CoinGecko.
Bonk is another Solana dog meme coin that experienced significant growth last year and is currently taking some time to consolidate its gains. It is possible that WIF may follow a similar pattern in the future. In light of this, altcoin investors seeking to diversify their portfolios and hedge against Solana’s growth by investing in Ethereum meme coins should consider Kai Cat.
The trend of cat coins could potentially be the highlight of this bull run. After Dogecoin (DOGE) followed the success of Bitcoin, dog-themed tokens dominated the meme coin market on smart contract base chains like Ethereum and Solana. However, this year, it may be cat coins that generate enormous gains for altcoin investors in a matter of weeks, attracting significant media coverage from major financial news outlets like MarketWatch and CNN Money.
It was only a matter of time before cat coins emerged as the next big thing in meme currencies. In the past few months alone, three major cat coins have made headlines as they challenge the meme coin leaderboards: PopCat (POPCAT) with an all-time high price above $700 million, Cat In A Dog’s World Coin (MEW) with an ATH near $1 billion, and MANEKI (MANEKI) with an ATH over $200 million.
To put Bonk’s growth last year into perspective, the average yearly return of the US stock market over the last hundred years has been 10%, according to NerdWallet. At that rate, it would take 700 years to achieve the returns that one meme currency delivered in just 12 months.
While this is incredible by pre-pandemic standards, meme coins in the crypto market have consistently delivered such unbelievable price returns in recent years. One of the latest projects to launch on Ethereum is Kai Cat, which has recently reached the milestone of $260,000 in its presale. Altcoin enthusiasts may want to take a chance and invest in this promising project.
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