Solana-based meme coin POPCAT has outperformed the broader meme coin market, achieving a new all-time high of $1.66 after a 12% surge in 24 hours.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
While the broader meme coin market has been consolidating, Solana-based meme coin POPCAT POPCAT $0.24 24h volatility: 8.7% Market cap: $238.02 M Vol. 24h: $168.26 M has been an outperformer in the sector, hitting a new all-time high. In the last 24 hours, the POPCAT price surged by another 12% hitting its all-time high of $1.66 earlier today. Also, the daily trading volume has surged by a staggering 80% shooting past $250 million.
On the weekly chart, the meme coin is trading at a solid 25% gain outperforming its peers within the sector. Similarly, it has registered a staggering 80% gain on the monthly chart. The surge in the POPCAT price has been coinciding with a notable surge in its futures open interest which soared from $46.91 million at the start of September to a record high of $274.8 million.
With today’s price surge, meme coin POPCAT has managed to overtake well-known players such as BONK BONK $0.000012 24h volatility: 3.2% Market cap: $967.63 M Vol. 24h: $109.05 M and FLOKI FLOKI $0.000055 24h volatility: 4.5% Market cap: $527.26 M Vol. 24h: $82.84 M . This happened through the support of strong whale activity and accumulation reported for the meme coin in recent times.
A member of the One X community highlighted at least three whale wallets that have acquired significant amounts of the token in the past 24 hours, while one whale was observed selling BONK for POPCAT.
Whoever you are KEEP POPPING POPCHAD
this wallet is firing 100 sol clips every min into $POPCAThttps://t.co/dXviUvwB9v pic.twitter.com/5g2oD7PhVk
— FomoCrypto (@fomo_ALTs) October 24, 2024
Furthermore, on-chain data also shows strong POPCAT outflows from crypto-centralized exchanges. Such outflows are a bullish signal suggesting that investors are opting to hold their tokens for a longer duration.
As said, these factors combined have helped POPCAT to be the lead gainer among the top 100 cryptocurrencies today. This cat-themed meme coin has thus toppled other dog-themed meme coins like BONK and FLOKI.
On the daily POPCAT/USDT chart, the Moving Average Convergence Divergence (MACD) indicator indicates a bullish crossover, with the MACD line (blue) crossing above the signal line (orange), suggesting the potential for sustained bullish momentum.
Additionally, the Average Directional Index (ADX) reading of 37.48 reinforces the strength of the current trend, indicating that the price may continue to rise.
Courtesy: TradingView
Furthermore, market analysts have also turned bullish on the short-term prospects of POPCAT. Crypto market analyst Bluntz pointed out that the POPCAT price recently broke out from its ascending channel.
The breakout from this pattern strongly indicates ongoing price growth, demonstrating that sustained buying pressure has surpassed previous resistance within the channel.
$POPCAT breakout as predicted
Up 12% so far.Do we believe in @MustStopMurad and hope for 5$??
I'll take this level by level pic.twitter.com/2SduA7XxXP— NW CRYPTO (@FutureCrypto55) October 24, 2024
A trader known as NW CRYPTO has suggested that the meme coin might encounter resistance at $0.2768, which is roughly 18.7% higher than the current price. They noted that if bulls manage to drive the price past this resistance level, the next targets could be $0.7416 and $1.4926.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
