Popcat (POPCAT) Sheds 23.28% Weekly as Bitcoin (BTC) Recovers

Popcat [POPCAT] noted a 79.7% rally from the lows of November to the high at $2.08. Market participants expected a minor retracement before the next move higher, but POPCAT has retraced almost all of these gains.

Popcat [POPCAT] dropped 23% in 30 days, making it the only memecoin to post a negative return over the period.

The Solana [SOL] token faced selling pressure as Bitcoin [BTC] dropped to lows of $88k in the last week of November.

However, while BTC recovered to challenge the $98k zone again, and other memecoins soared, POPCAT failed to breach the $1.4 level.

A glance at the technical indicators highlighted the bearish structure for POPCAT.

On the daily timeframe, the token dropped below the series of lows it formed in mid-November around $1.65.

Furthermore, the Fibonacci retracement levels were also ceded to the bears.

At press time, the 78.6% retracement level at $1.35 acted as a resistance zone on the lower timeframes.

The Relative Strength Index (RSI) showed bearish momentum was dominant.

Additionally, the On Balance Volume (OBV) saw a noticeable drop in the past ten days, indicating selling pressure and weakened buyers.

Of the top eight memecoins by market capitalization, seven noted gains over the past 30 days, as noted by CoinGecko.

Dogecoin [DOGE] had the highest return, while dogwifhat [WIF] had the lowest.

Interestingly, seven memecoins had positive returns over the past 30 days.

Dogecoin (DOGE) had the highest return at 152% since the daily open of 30 October.

In comparison, dogwifhat (WIF) had the lowest return at 24.87%.

On the other hand, Popcat (POPCAT) was the only memecoin to post a negative return over the period, at -23.28%.

Sentiment turns negative after a brief respite

A comparison of the sentiment metrics of POPCAT and PEPE showed that PEPE holders were slightly more bullish.

While both memecoins faced selling pressure in the past week, PEPE dropped 20% from its peak, whereas POPCAT dropped 30%.

Moreover, PEPE went on to rally 112% in the past 30 days, and the recent price drop only made a dent to the meme’s bullish trend.

On the other hand, POPCAT clocked in gains of only 30% in the past 90 days, and the recent price drop canceled out almost all of these gains.

Hence, the sentiment was turning sour for POPCAT holders.

The social dominance of PEPE was 20x higher on 29 November, and the weighted sentiment was more hopeful too.

Finally, a glance at the crowd engagement metric highlighted a bullish shift a few days ago for POPCAT.

However, the engagement quickly turned bearish as the price continued to drop.

An examination of the Popcat whale addresses showed that addresses with 100k+ POPCAT slowly declined in number since late September.

The 10M+ cohort saw an increase in recent weeks, as did the 10k-100k holding cohort.

Meanwhile, the smaller shrimp, fish, and shark section of holders with under 10k POPCAT have been accumulating since July.

Overall, the whale distribution over the past 4–6 weeks was a concern.