- Meme coin based on a 2020 popping cat meme briefly hits $1.
- Listing on Bybit assists in claiming $1B market capitalization.
- Popcat’s supply is capped at 979M, similar to Dogwifhat (WIF).
The Solana-based meme coin PopCat (POPCAT) stunned the crypto sphere with a 117% upswing since July 11, 2024. Sentiment reported that this had caused a “major FOMO spike” from Solana traders. The blockchain intelligence platform raised this issue as a sign of incoming correction, “where better entry points are likely.”
Despite entering crypto’s TOP 100 by global market cap, the feline Solana meme coin sports a relatively low trading volume. For instance, POPCAT nipped a $85,157,808 trading volume, while lower-ranked meme coin peers like Book Of Meme (BOME) and the AI-created Turbo (TURBO) inked twice as much, totaling nearly $400 million, according to CoinGecko.
Despite calm trading, POPCAT’s social dominance flourished with record highs of 0.25% on July 20, 2024. Nevertheless, the social dominance of 0.185% the very next day confirmed Santiment’s FOMO theory. In contrast, POPCAT hit a 25% uptick in Derivatives volume to $174.3 million, but the 0.9857 long versus short ratio implies bearish divergence.
PopCat Doomed For Correction Before $1 Again?
Traders discuss the $1 POPCAT milestone as a psychological barrier, where Fear Of Missing Out (FOMO) kicks in. A great example is crypto traders aping into crypto at weekly or monthly heights, then selling the token for a lower price. In Popcat’s case, the 258% monthly rally has led to a $1 billion market capitalization.
Bullseyeing the $1 target on Jul 21, 2024, POPCAT crypto retraced to a $878,774,225 market cap 18 hours later, showing signs of price correction. Slipping by 2.9% over the past 24 hours, POPCAT is still 24.2% up weekly and 92% bi-weekly.
According to CoinGecko, the #93 seated POPCAT is changing hands at $0.9001 as of press time. Besides a sluggish trading volume, POPCAT’s on-chain signals remained undecided, with the Chaikin Money Flow (CMF) floating between -0.02 and 0.01.
Fetching a Bybit listing on June 21, 8 AM UTC, Popcat’s eyes are set on further price fluctuations, judging by the ultra-wide Bollinger Bands. On the 1-day candlesticks, the Relative Strength Index (RSI) pointed to 67, hinting at an overbought condition for the coin.
On the Flipside
- According to the official website, Solana’s POPCAT is a meme coin with an undisclosed developer team “for entertainment only” and has “no intrinsic value or expectation of financial return.”
Why This Matters
Meme coins based solely on famed internet memes had a great run in Q1 of 2024, surpassing other trending niches like Artificial Intelligence (AI) or Real-World Asset (RWA)- related tokens.
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