Popcat, the newest Solana-based memecoin sensation, has topped itself as one of many best-performing cryptocurrencies available in the market. The memecoin has stolen the highlight following its 117% surge all through Q3, outperforming different well-established tokens within the sector.
The feline sensation has now consolidated as the primary cat-themed memecoin to hit a $1 billion market capitalization, main the market’s bullish run alongside tokens like Sei (SEI) and Worldcoin (WLD).
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POPCAT Hits $1 Billion Market Cap Standing
Memecoins grew to become the main sector throughout this cycle, with many tokens outperforming most altcoins over the previous few months. On the entrance of the frenzy, dog-themed tokens like dogwifhat (WIF) stole the highlight throughout Q1 and Q2. Nevertheless, a feline rival is difficult its spot as Solana’s best-performing memecoin.
Traders and market watchers have praised the cat-themed sensation’s efficiency over the previous few months. All through Q3’s violent market retraces, POPCAT confirmed a exceptional efficiency, changing into the biggest gainer among the many high 100 cryptocurrencies a number of occasions.
The memecoin’s worth shortly bounced from its 55% pullbacks throughout the market crashes, recovering and surpassing its earlier stage every time. POPCAT’s worth has seen a 117% surge up to now three months, driving its worth from the $0.68 mark to a brand new all-time excessive (ATH).
Within the late hours of Tuesday, the cryptocurrency broke above the $0.97 resistance stage set by its earlier ATH. The memecoin continued its 21% bounce in the direction of the $1.08 stage, its new ATH, earlier than retracing to the $1.01-$1.02 worth vary.
The surge propelled POPCAT’s market capitalization to the $1 billion mark, cementing its standing because the main cat-themed token and making it the primary memecoin on this sector to attain it.
Following its exceptional rise, the token registers a 57.8% and 40.2% surge within the weekly and month-to-month timeframes. Its each day market exercise additionally noticed an 82% bounce to a buying and selling each day quantity of $133.3 million within the final 24 hours.
Traders See Additional Worth Potential
Some crypto whales loaded their luggage as POPCAT broke the $1 barrier. On Wednesday morning, on-chain information analytics agency Lookonchain revealed {that a} crypto investor not too long ago repurchased the cat-themed sensation, suggesting that some traders really feel constructive in regards to the token’s future efficiency.
Per the submit, the whale spent 8,644 SOL, value round $1.29 million, to purchase 1.3 million POPCAT over the previous two days. The handle purchased 456,000 tokens on Monday earlier than buying one other 843,000 POPCAT when the memecoin hit $1.
This whale had beforehand bought its POPCAT holding at a forty five% loss over two months in the past. The investor noticed $611,000 in losses from promoting its 1.69 million tokens.
Nevertheless, earlier than the long-awaited surge to $1, crypto investor Trade4ddict famous that the POPCAT’s consolidation beneath the important thing resistance stage was a robust signal for its potential bull continuation.
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The dealer considers that after “blowing off” the $1 resistance, the memecoin has “good possibilities” of pumping towards the $2 goal. He additionally steered that the earlier excessive at $0.8 ought to provide some help earlier than a possible correction.
As of this writing, the memecoin continues to carry the $1 help stage, exchanging arms for $1.01.
Featured Picture from Unsplash.com, Chart from TradingView.com
