Sep 27, 2024 12:05
Popcat, the latest Solana-based memecoin sensation, has crowned itself as one of the best-performing cryptocurrencies in the market. The memecoin has stolen the spotlight following its 117% surge throughout Q3, outperforming other well-established tokens in the sector. The feline sensation has now consolidated as the first cat-themed memecoin to hit a $1 billion market capitalization, leading the markets bullish run alongside tokens like Sei (SEI) and Worldcoin (WLD). Related Reading: Bitcoin (BTC) On Track For Strongest September Performance, Is $90,000 Next? POPCAT Hits $1 Billion Market Cap Status Memecoins became the leading sector during this cycle, with many tokens outperforming most altcoins over the last few months. At the front of the frenzy, dog-themed tokens like dogwifhat (WIF) stole the spotlight during Q1 and Q2. However, a feline rival is challenging its spot as Solanas best-performing memecoin. Investors and market watchers have praised the cat-themed sensations performance over the past few months. Throughout Q3s violent market retraces, POPCAT showed a remarkable performance, becoming the largest gainer among the top 100 cryptocurrencies several times. The memecoins price quickly bounced from its 55% pullbacks during the market crashes, recovering and surpassing its previous level each time. POPCATs price has seen a 117% surge in the past three months, driving its price from the $0.68 mark to a new all-time high (ATH). In the late hours of Tuesday, the cryptocurrency broke above the $0.97 resistance level set by its previous ATH. The memecoin continued its 21% jump towards the $1.08 level, its new ATH, before retracing to the $1.01-$1.02 price range. The surge propelled POPCATs market capitalization to the $1 billion mark, cementing its status as the leading cat-themed token and making it the first memecoin in this sector to achieve it. Following its remarkable rise, the token registers a 57.8% and 40.2% surge in the weekly and monthly timeframes. Its daily market activity also saw an 82% jump to a trading daily volume of $133.3 million in the last 24 hours. Investors See Further Price Potential Some crypto whales loaded their bags as POPCAT broke the $1 barrier. On Wednesday morning, on-chain data analytics firm Lookonchain revealed that a crypto investor recently repurchased the cat-themed sensation, suggesting that some investors feel positive about the tokens future performance. Per the post, the whale spent 8,644 SOL, worth around $1.29 million, to buy 1.3 million POPCAT over the past two days. The address bought 456,000 tokens on Monday before acquiring another 843,000 POPCAT when the memecoin hit $1. This whale had previously sold its POPCAT holding at a 45% loss over two months ago. The investor saw $611,000 in losses from selling its 1.69 million tokens. However, before the long-awaited surge to $1, crypto investor Trade4ddict noted that the POPCATs consolidation under the key resistance level was a strong sign for its potential bull continuation. Related Reading: Cardano (ADA) Reclaims Top 10 Crypto Spot, Analysts Set New Targets The trader considers that after blowing off the $1 resistance, the memecoin has good chances of pumping toward the $2 target. He also suggested that the previous high at $0.8 should offer some support before a potential correction. As of this writing, the memecoin continues to hold the $1 support level, exchanging hands for $1.01. Featured Image from Unsplash.com, Chart from TradingView.com
World Crypto Global
