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Cryptocurrency News Articles
Solana-Based Meme Coin POPCAT Hits $1B Market Cap, Cat-Themed Tokens Rally
Sep 25, 2024 at 06:11 pm
Solana-based memecoin POPCAT hit an all-time high on Sep. 25 as its market cap shot past the $1 billion mark. At press time, Popcat (POPCAT) was still up 10% over the past day
Solana-based meme coin POPCAT (POPCAT) has seen a surge in demand, leading to a new all-time high and a market capitalization exceeding $1 billion.
At the time of writing, Popcat (POPCAT) is still up 10% for the day, trading at $1.02. The meme coin hit a new all-time high of $1.07 earlier in the day, up almost 60% from its weekly low.
Popcat's recent price surge has pushed its market cap to over $1 billion, ranking it 82nd among cryptocurrencies, according to CoinGecko. Its daily trading volume also increased by 53% to around $136 million.
CoinMarketCap data shows bullish social sentiment around Popcat. Following its recent achievement, the meme coin has attracted the attention of whales, with one investor purchasing $1.3 million in POPCAT at $1 on the day.
According to Coinglass, POPCAT's open interest has increased by 13%, reaching a record high of $106 million at the time of writing, indicating an increase in the number of traders engaging with the meme coin and contributing to its rally.
Moreover, the weighted funding rate spiked to a record high of 0.0200%, further supporting the coin's upward momentum.
The surge brought POPCAT to the upper Bollinger Band, which currently sits at $1.0704. This suggests that the asset will soon enter an overbought zone, although it also highlights the strong bullish momentum in the short term.
Additionally, the Commodity Channel Index spiked to 143.81 following the recent rally, well above the overbought threshold of 100. Such high readings usually indicate the possibility of an impending correction, calling for caution among traders.
If POPCAT continues to gain momentum and breaks above the $1.070 resistance level, it could push higher, with $1.2 as the next psychological target.
On the other hand, failure to maintain current support levels could lead to a further decline, with the middle Bollinger Band at around $0.7482 serving as the first support zone. Traders should be aware of possible consolidation or increased volatility around these critical levels.
Popcat's latest surge is part of a broader rally in cat-themed meme coins. Cat in a Dog's World (MEW), another Solana-based cat-themed token, saw an 8% gain in the last 24 hours, while Mog Coin (MOG) and Michi (MICHI) climbed 5.6% and 7.4%, respectively.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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