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Solana-based memecoin POPCAT has become a remarkable market sensation over the past few months. The token has led the feline-themed cryptocurrency sector, becoming the first cat-themed cryptocurrency to achieve a $1 billion market capitalization. This impressive performance has not gone unnoticed by cryptocurrency whales, who have been amassing millions of tokens in recent days.
Whales Go Popping Their Bags
An on-chain analytics firm, Lookonchain, revealed that a crypto whale had purchased millions of POPCAT tokens today. The investor had previously held the memecoin but sold their holdings earlier this month.
According to the report, the whale bought 2.36 million POPCAT in the early hours of Thursday at an average price of $0.68. The address swapped 1.47 million USDC across nine transactions, each varying from 150,000 to 200,000 USDC.
Following Lookonchain’s post, the investor bought another 299,345 tokens for 200,000 USDC. Over the past eight hours, the whale acquired a total of 2.66 million POPCAT, valued at $1.75 million, at an average price of $0.65.
The on-chain data firm also noted that this address had previously purchased 6.05 million POPCAT between April 21 and April 26. At that time, the investor spent 1.84 million USDC on the memecoin but sold the tokens a week ago for 3.31 million USDC, making a profit of over $1.47 million in the stablecoin.
Similarly, online reports revealed that another whale address has been on a shopping spree over the last three days. This address purchased 5.67 million tokens on Monday, worth around $3 million, through three Dollar-cost averaging (DCA) transactions. Since then, the investor has continued to buy the cat-themed memecoin, acquiring another 470,000 tokens today, valued at $308,000. As a result, the address now holds a total of 6.14 million POPCAT, worth $3.88 million.
Is POPCAT About To Lead The ‘Cat Season’?
Following the whales’ transactions, POPCAT’s daily activity surged by 25%, jumping to a daily trading volume of $151 million. The memecoin’s price also saw a significant 20% increase, reaching the $0.067 mark earlier today.
This performance made POPCAT the largest gainer among the top 10 memecoins, leading the sector’s rally. Additionally, it became the largest daily gainer among the top 100 cryptocurrencies by market cap, seemingly fueling a bullish sentiment among investors.
Some market watchers noted that the memecoin has been in an “uptrend ever since” the rest of the market started its downtrend in March. The cat-themed token displays positive numbers in the longer timeframes, registering increases of 17%, 139%, and 110% in the one-month, three-month, and six-month timeframes, respectively.
Sjuul from AltCryptoGems highlighted POPCAT’s performance throughout September, emphasizing its bounce from the $0.45 zone before reclaiming the $0.55 support level in the last seven days. The trader previously noted that the cryptocurrency failed to reclaim the $0.7 resistance level as August ended, resulting in a price drop to the $0.55 support zone. The token’s price continued to fall below the $0.50 mark in the subsequent days.
Despite the dip, the memecoin continued to move within a bullish structure. However, the trader emphasized that investors should watch out for key support levels at the $0.50 and $0.40-0.45 ranges in the coming weeks. Bouncing at either of these two levels would imply that bulls are still in control of the market structure. This would ensure that the memecoin forms a new higher low on the high time frame, potentially opening the gate to further resistance and ultimately leading to a massive rally.
As of this writing, the cryptocurrency has reclaimed the $0.65 price range and is currently trading at $0.655.
