Popcat (POPCAT) token price extends its bullish momentum, reaching its highest level since March 3

The Popcat (POPCAT) token climbed to $0.2722, nearly doubling from its lowest point this year.

Popcat, a leading meme coin on the Solana network, extended its bullish momentum on Tuesday, reaching its highest level since March 3.

The Popcat (POPCAT) token climbed to $0.2722, nearly doubling from its lowest point this year. Its market capitalization has surged to $254 million, making it the sixth-largest meme coin in the Solana ecosystem.

Popcat’s surge has coincided with the ongoing recovery of other meme coins. Top Solana meme tokens like Fartcoin (FARTCOIN), Dogwifhat (WIF), Peanut the Squirrel, and cat in a dogs world have soared by over 20% in the last seven days.

Chart of the Amount of POPCAT Tokens Held on Exchanges. Source: Tokenview

Data from third-party sources shows that the amount of POPCAT tokens held on exchanges has fallen over the past week. There are now 237.85 million tokens on exchanges, representing a nearly 10% decrease. The total share of supply held on exchanges has dipped to 24.24%.

A drop in the number of tokens on exchanges is a bullish sign since it is a sign that investors are moving their coins to self-custody.

On-chain data from Nansen also shows strong conviction among profit-leading holders. The most profitable Popcat trader over the past week has made nearly $2 million and is still holding 99% of their tokens. Another top trader, with $121,000 in realized gains, is also holding 99% of their holdings.

The post Profit-Leading Traders Show Strong Conviction in Popcat as Meme Coin Hits March Highs appeared first on Web3Wire.

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This article is written with the help of AI and was edited by a member of the Web3Wire team.