Cult memecoin launch sees over $600M in FDV as MOG tops cat-based memecoins by market cap

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As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I must admit that the rapid rise and shake-up of the memecoin ecosystem by newcomers like Cult and MOG has certainly piqued my interest. The speed at which these tokens are gaining traction is nothing short of astonishing, especially considering the inherent volatility and risk associated with them.

In just hours after its debut, the fresh meme coin, known as Cult, soared past an initial value of more than $600 million. The meme coin market has been stirred up even more with the emergence of $MOG, which now claims the crown as the largest cat-themed memecoin in terms of market capitalization, outranking $POPCAT.

On December 5th, Dexscreener announced the launch of Cult, a memecoin on the Ethereum network. The coin saw an initial peak fully diluted valuation (FDV) of $845 million, before settling around $630 million. FDV is a measure that calculates the value of all tokens in circulation for a crypto project, giving investors an idea of a project’s overall health. Interestingly, Mogcoin (MOG), another memecoin inspired by cat memes, surpassed Popcat (POPCAT) in terms of market capitalization at $1.46 billion. As a result, Mogcoin now holds the title as the largest token within the cat-coin category.

Cult’s launch

For several months prior to its release, Remilia Corporation, creators of the Milady Maker NFT collection, have been posting cryptic messages on social media. As described by Charlotte Fang from Remilia Corporation, the Cult token isn’t solely a monetary asset but rather an ideologically-driven ecosystem that sets it apart as “fundamentally different.” This exciting development follows the ICO raising $20.5 million in pre-sale funds, with the team designing the token to prioritize long-term community interaction.

🎉 Announcement of a New Listing: The $CULT token from MiladyCult is now open for trading! You can even use up to 10x leverage. 🤝🥃

— OX.FUN (@OXFUNHQ) December 9, 2024

MOG token takes over POPCAT

According to CoinMarketcap, approximately 64.26% of investors have balances between nothing and $1,000, indicating a substantial increase of 2.49% in those with over $100,000. This suggests that the token appeals to both retail and large-scale investors equally. The distribution of ‘whales’ (large holders) represents about 23.88% of the supply, while smaller investors control around 76.12%, showing a high level of confidence in the token. Moreover, the growth among medium-term investors is at 64.4%, short-term traders at 28.65%, and long-term investors at 6.91%. Despite an increase in activity, transaction fees remain low, ensuring smooth trading and liquidity.

The growth trajectory of MOG is evident in its rising market value, equal distribution of investor involvement at various levels, and heightened market activity. The advent of memecoins such as Cult and MOG demonstrates the surge of memecoins as investment options within community-driven ecosystems, even though they carry an inherent level of volatility and risk.

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2024-12-09 14:52