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 turned 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, turning 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 prior 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% soar 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 realize 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% soar to a buying and selling each day quantity of $133.3 million within the final 24 hours.
Traders See Additional Value 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 lately repurchased the cat-themed sensation, suggesting that some traders really feel constructive concerning the token’s future efficiency.
Per the submit, the whale spent 8,644 SOL, price round $1.29 million, to purchase 1.3 million POPCAT over the previous two days. The deal with purchased 456,000 tokens on Monday earlier than buying one other 843,000 POPCAT when the memecoin hit $1.
This whale had beforehand offered 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 powerful signal for its potential bull continuation.
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The dealer considers that after “blowing off” the $1 resistance, the memecoin has “good probabilities” of pumping towards the $2 goal. He additionally prompt that the earlier excessive at $0.8 ought to provide some assist earlier than a possible correction.
As of this writing, the memecoin continues to carry the $1 assist stage, exchanging arms for $1.01.
Featured Picture from Unsplash.com, Chart from TradingView.com