Solana memecoin Catwifhat defies market trend with 40% surge

Bitcoin and other leading cryptocurrencies may be trending downward, but Solana meme coin Catwifhat (CWIF) is breaking this pattern.

Catwifhat, the cat-themed counterpart of Soalna memecoin Dogwifhat, is on the rise again. The coin is up 42% today, reaching $0.00000082 following a 60% increase in trading volume. Data from CoinMarketCap reveals that Catwifhat has regained its market value of $30 million.

Dogwifhat’s meteoric rise is still fresh in the minds of investors wary of the feline counterpart’s fading. At its peak, Dogwifhat reached a valuation of $4.8 billion, making it the top Solana meme coin.

Additionally, Dogwifhat has established a strong correlation with Solana, one of the leading cryptocurrencies in the current bull market. Now Catwifhat seems to be doing the same thing. It saw a 400% increase last week while maintaining a market cap of just $30 million.

Although Catwifhat’s current market cap is a small fraction of Dogwifhat’s peak, the cryptocurrency continues to receive significant catalysts that increase its value.

Catwifhat perpetual futures on April 25 started BitMart also provides a new way of trading for investors. Additionally, market capitalization and circulating supply are now verified by SolanaFM, CoinMarketCap, Solscan, and CoinGecko. It is also trending on platforms like DEXTools and Bireye.

Catwifhat’s X account is now with its supporters defending For KuCoin to list its meme coin on the exchange.

The latest surge in Solana-based memecoin comes as leading asset management firm Franklin Templeton recognizes Solana’s growing potential to solidify its position as the third-largest cryptocurrency in the market.

The firm’s recognition of Solana is in line with its appeal for scalability and low transaction fees. These features have made Solana a fertile ground for meme tokens like Catwifhat and other notable tokens that remain among the top 100 cryptocurrencies by market cap, such as BONK and WIF.