Solana Meme Coin POPCAT Hits New All-Time High Flipping Bonk and Floki

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As a seasoned analyst with years of experience navigating the cryptocurrency market, I find myself intrigued by the meteoric rise of Solana-based meme coin POPCAT. With its recent surge to an all-time high and outperforming peers like BONK and FLOKI, it’s hard not to take notice.

Over the past day, the meme coin POPCAT has stood out as a top performer within its market sector, reaching a new record high price. Within the last 24 hours alone, the POPCAT price skyrocketed by approximately 12%, peaking at $1.66 earlier today. Moreover, the daily trading volume experienced an astounding increase of around 80%, exceeding $250 million.

On a weekly basis, the meme coin is currently up by a robust 25%, outpacing other coins within its sector. Moreover, on a monthly scale, it has experienced an impressive 80% increase. The price hike in POPCAT aligns with a significant jump in its futures open interest, which climbed from $46.91 million at the beginning of September to a record-breaking $274.8 million.

Despite recent price spikes, less established meme coin POPCAT has unexpectedly surpassed recognized players like BONK and FLOKI. This achievement is attributed to robust whale activity and accumulation of the meme coin observed recently.

In the last 24 hours, a representative from the One X group pointed out at least three large wallets associated with whales who have purchased a substantial amount of the token. Furthermore, it was noted that one particular whale exchanged BONK tokens for POPCAT.

Whoever you are KEEP POPPING POPCHAD

this wallet is firing 100 sol clips every min into $POPCAT

— FomoCrypto (@fomo_ALTs) October 24, 2024

As a researcher delving into the world of cryptocurrencies, I’ve noticed an interesting trend in on-chain data – significant POPCAT withdrawals from centralized exchanges. These withdrawals indicate a bullish sentiment among investors, as they seem to be choosing to hold onto their tokens rather than sell them for a shorter term. This behavior suggests a longer-term investment strategy.

It’s been mentioned that these factors have contributed significantly, making POPCAT the front-runner in terms of growth among the top 100 cryptocurrencies currently. This feline-themed meme coin has outperformed other popular meme coins such as BONK and FLOKI based on their dog motifs.

POPCAT Price Action Ahead

On the day-to-day POPCAT/USDT price chart, the Moving Average Convergence Divergence (MACD) indicator shows a bullish trend, as the MACD line (blue) moves above the signal line (orange), implying a possibility of prolonged upward price movement.

Moreover, the strong trend is supported by a High Average Directional Index (ADX) value of 37.48, suggesting that the price movement could persist in an upward direction.

Courtesy: TradingView

Moreover, it’s been noted by market analysts that POPCAT could see positive growth in the near future. Notably, crypto market analyst Bluntz highlighted that the price of POPCAT has surged past its upward trendline.

As a crypto investor, I’ve noticed a significant breakout from the current pattern, which seems to point towards continuous price escalation. This breakout suggests that the buying pressure has persistently overcome the earlier resistance levels within this trading channel, indicating a bullish trend.

$POPCAT breakout as predictedUp 12% so far.

Do we believe in @MustStopMurad and hope for 5$??I’ll take this level by level

— NW CRYPTO (@FutureCrypto55) October 24, 2024

According to a trader named NW CRYPTO, there’s a possibility that the meme coin may face obstacles when it reaches approximately $0.2768, which is about 18.7% above its current value. If the bulls are able to push the price beyond this hurdle, potential future targets could be $0.7416 and $1.4926.

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2024-10-24 17:23