Este artículo también está disponible en español.
POPCAT: A Rising Star in the Cryptocurrency Market
Popcat, the latest Solana-based memecoin sensation, has recently crowned itself as one of the best-performing cryptocurrencies in the market. This memecoin has captivated the attention of investors following its staggering 117% surge throughout Q3, outshining many well-established tokens in the sector.
The feline-themed token has now solidified its position as the first cat-themed memecoin to reach a $1 billion market capitalization, leading the market’s bullish trend alongside tokens like Sei (SEI) and Worldcoin (WLD).
POPCAT Hits $1 Billion Market Cap Status
Memecoins have become the leading sector during this cycle, with many tokens outperforming most altcoins over the past few months. Initially, dog-themed tokens like dogwifhat (WIF) stole the limelight during Q1 and Q2. However, a feline rival is now challenging its position as Solana’s best-performing memecoin.
Investors and market analysts have lauded the cat-themed sensation’s performance over the last few months. Throughout Q3’s turbulent market retraces, POPCAT displayed a remarkable performance, often emerging as the largest gainer among the top 100 cryptocurrencies.
The memecoin’s price has consistently rebounded from its 55% pullbacks during market crashes, recovering and surpassing its previous levels each time. Over the past three months, POPCAT’s price has surged by 117%, driving its value from $0.68 to a new all-time high (ATH).
In the late hours of Tuesday, the cryptocurrency broke above the $0.97 resistance level set by its previous ATH. The memecoin continued its 21% jump towards the $1.08 level, achieving a new ATH before settling in the $1.01-$1.02 price range.
This surge propelled POPCAT’s market capitalization to the $1 billion mark, cementing its status as the leading cat-themed token and making it the first memecoin in this category to achieve such a milestone.
Following its remarkable rise, the token has registered a 57.8% and 40.2% surge in the weekly and monthly timeframes, respectively. Its daily market activity also saw an 82% increase, reaching a trading volume of $133.3 million in the last 24 hours.
Investors See Further Price Potential
Crypto whales have started to accumulate POPCAT as the token broke the $1 barrier. On Wednesday morning, on-chain data analytics firm Lookonchain revealed that a crypto investor recently repurchased the cat-themed sensation, indicating that some investors are optimistic about the token’s future performance.
According to the report, the whale spent 8,644 SOL, worth approximately $1.29 million, to acquire 1.3 million POPCAT tokens over the past two days. The address initially bought 456,000 tokens on Monday before acquiring an additional 843,000 POPCAT when the memecoin hit $1.
This whale had previously sold its POPCAT holdings at a 45% loss over two months ago, incurring $611,000 in losses from selling 1.69 million tokens. However, before the anticipated surge to $1, crypto investor Trade4ddict noted that POPCAT’s consolidation under the key resistance level was a strong indicator of its potential for a bullish continuation.
Potential for Further Growth
The trader believes that after breaking past the $1 resistance, the memecoin has “good chances” of rallying towards the $2 target. He also suggested that the previous high at $0.8 should offer some support before a potential correction.
As of this writing, the memecoin continues to hold the $1 support level, currently trading at $1.01.
POPCAT’s performance in the seven-day chart. Source: POPCATUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
