Traders Hedge Solana Meme Coin Bets With Ethereum Meme KAI Cat
With its base layer tokens and meme coins outpacing Ethereum ($ETH) so far for the year, Solana ($SOL) has been doing great. That could mean the younger Ethereum rival will outperform for all of 2024, but it may be Ethereum memes next as the cycle turns and the pendulum swings back to the leading DeFi blockchain.
DogWifHat ($WIF) is an SPL token (Solana Program Library) that launched on Nov. 20, 2023. Since the start of the year, its tokens have gained 827% in value. So every dollar invested in these very popular Solana meme coins on Jan. 1 is now worth nine dollars on crypto exchanges around the world. Another coin with similar potential is Ethereum Kai Cat ($KAI) .
Ethereum Kai Cat To Hedge Solana Meme Coins In 2024
Pronounced “Kay Eye Cat,” and optimized for use by AI on the blockchain, Kai Cat is an Ethereum ERC20 token in its presale phase . Because it is in presale, the coin’s price isn’t fluctuating up and down, and altcoin crypto investors can get into the token supply before it is listed on exchanges with the potential to multiply in value.
As you can see from the TradingView chart above, on the year-to-date view, WIF has outpaced Ethereum’s Shiba Inu coin ($SHIB) so far in 2024. But don’t forget that Bonk ($BONK), which is trailing behind SHIB for the year so far (106% to 159%) was the top crypto gainer for 2023, with an astounding 7,000% price return in 12 months, according to data from CoinGecko.
Bonk is another Solana dog meme coin, and after flying so high last year, it’s taking some time to cool and consolidate its gains. It could be the same story for WIF sometime later. If so, altcoin investors looking to diversify their portfolios with some Ethereum meme coins to hedge Solana’s growth this year in case Ethereum pulls ahead, may want to take a look at Kai Cat.
The Cat Coin Trend Could Be This Bull Run’s Big Bag
After Dogecoin ($DOGE) followed up on the world-changing success of Bitcoin, dog-themed tokens have completely dominated meme coin providers on smart contract base chains like Ethereum and Solana.
But this year it may be cat coins that blow up altcoin investors’ wallets with enormous gains in a matter of weeks and get massive earned media coverage in major financial news outlets like MarketWatch and CNN Money.
It was probably just a matter of time before cat coins developed the meta for meme currencies. In just the past couple of months, markets have seen 3 major cat coins make headlines as they begin to challenge meme coin leaderboards:
PopCat ($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 in perspective, the U.S. stock market’s average yearly return over the last hundred years has been 10%, according to NerdWallet. At that rate of growth, it would take 700 years to get the returns one meme currency delivered in just 12 months.
That is incredible by pre-pandemic standards, but over the past few years, crypto markets have seen meme coins deliver these kinds of unbelievable price returns again and again. One of the latest projects to launch on Ethereum is Kai Cat. It recently crossed the $260,000 milestone in its presale. Altcoin gem hunts may want to drop a coin into the slot and give it a spin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
