Ethereum Skyrockets as new Stealthily Launched Memecoin

The newly launched Memecoin CatSlap became an instant sensation as whales abandoned Popcat and embraced the newest entrant, creating an instant Ethereum price surge in the process.

According to data on top Memecoin trading site DexTools, CatSlap ($Slap) went live at 2 pm UTC and was trending at second position barely half an hour later. The price of $Slap surged 1,590% to reach $0.001994 in 30 minutes as investors joined the race to get a piece of the pie. While it may be too early to draw any conclusions, it’s as if the CatSlap has been the missing link that has finally invited the highly anticipated Ethereum price surge.

CatSlap Could Overtake Market Predecessors

There has recently been an influx of cat-themed Memecoins flooding the market. From BNB Smart Chain’s Simon’s Cat (CAT) to Solana’s Popcat (POPCAT) and Base’s Keyboard Cat (KEYCAT), the entry of an Ethereum-themed Memecoin CatSlap could just have happened at the right time. The Memecoin that went live without the usual fanfare seems to be what the Ethereum ecosystem has been missing, as it quickly drew the attention of crypto whales.

With the market cap for cat-themed coins on other networks ranging from $100 million to $1.6, crypto market analysts predict a huge potential for the now sensational CatSlap. Should the new Ethereum-based Memecoin manage to maintain its grip on the market and remain truly viral, there’s every chance it could shoot beyond KEYCAT, which currently sits on a $100 million market cap.  If CatSlap manages to dislodge KEYCAT, it will require less effort to overtake Simon’s Cat, which currently hovers along the $310-315 million mark.

Whales Move from Popcat to CatSlap

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The whales’ quick move from Popcat happens at a time when the pioneer cryptocurrency Bitcoin has broken all precious price records, having reached a record all-time high of $98,300 in its march towards the coveted $100K target. However, as BTC enjoyed all the glory, ETH was simply missing in action, falling to the lowest levels since March 2021. According to available data, ETH’s metric standing at 0.032, or 3.2%, by November 21 indicated a price dip of over 40%since the beginning of 2024. The decline has happened since July and has been in deep contrast to Bitcoin’s rise, which the election of pro-crypto Republican President-elect Donald Trump has catalyzed.

Ethereum Left Behind in Crypto Rally

While Bitcoin thrived continually, riding on a bullish market sentiment as analysts expected BTC to shoot beyond $100,000 by the end of 2024, Ether seems to have been left behind. Despite not reacting positively to the ongoing crypto rally since the November 5 Trump election victories, analysts attribute the new 7% Ethereum price surge over the last 24 hours to the amusement surrounding the newly launched CatSlap Memecoin.

The same losing streak that has clouded Ether over the last few weeks has also surrounded the US Ether exchange-traded fund (ETFs), which sharply contrasts what the Bitcoin ETF has recently experienced. While investors flocked to the Bitcoin ETF market with inflows exceeding $892.5 million and $773.4 million on November 19 and November 20, respectively, there needs to be more action on the Ethereum ETF stable. However, the new Ethereum price surge has rekindled action, with the ETH/BTC ratio showing some slight recovery.

Conclusion

The new click-to-slap game enables players to compete for the highest score by simply visiting the website-hosted game for the chance to click-to-clap. The system tallies that slaps by country in a worldwide competition that is expected to suck in the entire crypto world. Popcat, the current market leader among the cat-themed Memecoins, was recently listed on Coinbase and surged to over $2 billion in market cap. However, it has since retreated marginally to between $1.5 and $1.6 billion.

With whales currently flocking to CatSlap, market analysts predict the Memecoin could potentially become an investors’ paradise and hit the next 1000x mark. CatSlap has great potential to surge further because it is based on the Ethereum network, which Memecoins don’t yet saturate. If this prediction comes to pass, time will tell whether CatSlap will continue to pull along Ether in its wake.