Cult, a new memecoin, surpassed its initial value of over $600 million within hours of its launch. The competition within the memecoin ecosystem has been further shaken up by MOG, which now holds the title of the largest cat-themed memecoin in terms of market capitalization, surpassing POPCAT.
Dexscreener reported that Cult, an Ethereum-based memecoin, made its debut on Dec. 5, with the coin reaching an initial fully diluted valuation peak of $845 million and then stabilizing at approximately $630 million. FDV represents the value of the total supply of a crypto project if all of its tokens were in circulation in the market, helping investors gauge the health of a project. Similarly, Mogcoin (MOG), a memecoin that originated from cat memes, overtook Popcat (POPCAT) in market cap at $1.46 billion. This makes it the largest token in the cat-coin category.
Cult’s launch
Remilia Corporation, the makers of the Milady Maker NFT collection, had been making cryptic social media teases for months before the token’s launch. According to Charlotte Fang, a leader at Remilia Corporation, the Cult token is not just monetary but also an ideologically driven ecosystem. She called it “fundamentally different.” The extraordinary event comes on the heels of the ICO’s having raised $20.5 million in pre-sale funds; the team has structured the token to emphasize long-term community engagement.
MOG token takes over POPCAT
As per CoinMarketcap, around 64.26% of investors have balances ranging from $0-$1k, with significant growth of $100k of 2.49% brackets, suggesting broad appeal to retail and big investor alikeness. A balanced distribution of whales makes up 23.88% of the supply, while smaller holders hold 76.12%, reflecting high confidence in the token. In addition, the growth rate among mid-term investors stands at 64.4%, traders at 28.65%, and long-term investors at 6.91%. Even as activity increases, transaction fees remain low, which helps ensure that trading and liquidity are efficient.
The overall trend of MOG is reflected in its increasing market capitalization, balanced investor participation across all levels, and increased market engagement. The emergence of memecoins like Cult and MOG shows the increase of memecoins as investment vehicles for community-based ecosystems, despite their inherent volatility and risk.
