Solana-based memecoin POPCAT has turn into a market sensation in the previous few months. The token has led the feline sector, turning into the primary cat-themed cryptocurrency to succeed in a $1 billion market capitalization. Whales have seen the token’s latest efficiency, loading their baggage with tens of millions of tokens in the previous few days.
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Whales Go Popping Their Luggage
On-chain analytics agency Lookonchain revealed {that a} crypto whale had bought tens of millions of POPCAT right this moment. The acquisition was made by an investor who beforehand held the memecoin however offered its holdings earlier this month.
Per the report, the whale purchased 2.36 million POPCAT within the early hours of Thursday at a mean worth of $0.68. The deal with swapped 1.47 million USDC in 9 transactions various from 150,000 to 200,000 USDC.
After Lookonchain’s publish, the investor bought one other 299,345 tokens for 200,000 USDC. Prior to now eight hours, the whale acquired a complete of $2.66 million POPCAT, value $1.75 million, at a mean worth of $0.65.
The on-chain knowledge agency additionally famous that this deal with bought 6.05 million POPCAT between April 21 and April 26. On the time, the investor spent 1.84 million USDC for the memecoin. Nonetheless, they offered the tokens every week in the past for 3.31 million USDC, making a revenue of over $1.47 million within the stablecoin.
Equally, on-line stories revealed that one other whale deal with has been on a procuring spree for the final three days. This deal with purchased 5.67 million tokens on Monday, value round $3 million, in three Greenback-cost averaging (DCA) transactions.
Since then, the investor has continued to buy the cat-themed memecoin, buying one other 470,000 tokens right this moment, valued at $308,000. Consequently, the deal with now holds a complete of 6.14 million POPCAT, value $3.88 million.
Is Popcat About To Lead The ‘Cat Season’?
Following the whales’ transactions, POPCAT’s every day exercise surged 25%, leaping to a every day buying and selling quantity of $151 million. The memecoin’s worth additionally noticed a major 20% enhance, hitting the $0.067 mark earlier right this moment.
The token’s efficiency made POPCAT the most important gainer among the many prime 10 memecoins, main the sectors’ rally. Moreover, it turned the most important every day gainer among the many 100 cryptocurrencies by market cap, seemingly fueling a bullish sentiment amongst traders.
Some market watchers famous that the memecoin has been in “an uptrend ever since” the remainder of the market began its downtrend in March. The cat-themed token shows inexperienced numbers within the longer timeframes, registering 17%, 139%, and 110% will increase within the one-month, three-month, and six-month timeframes.
Sjuul from AltCryptoGems highlighted POPCAT’s efficiency all through September, bouncing from the $0.45 zone earlier than reclaiming the $0.55 help stage within the final seven days.
Beforehand, the dealer famous that the cryptocurrency failed to reclaim the $0.7 resistance stage as August ended, leading to a worth drop to the $0.55 help zone. The token’s worth continued to fall beneath the $0.50 mark within the following days.
In response to the publish, the memecoin continued to maneuver inside a bullish construction regardless of the dip. Nonetheless, the dealer deemed that traders ought to be careful for key help ranges on the $0.50 and $0.40-40.45 ranges within the following weeks.
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To Sjuul “bouncing at both of these two ranges would indicate that bulls are nonetheless accountable for the market construction.” This might be sure that the memecoin varieties a “new increased low on the excessive timeframe,” opening “the gate to an extra push into resistance” and will finally lead to an enormous rally.
As of this writing, the cryptocurrency has reclaimed the $0.65 worth vary, presently buying and selling at $0.655.
POPCAT's efficiency within the weekly-chart. Supply: POPCATUSDT on TradingView
Featured Picture from Unsplash.com, Chart from TradingView.com