Solana’s POPCAT Sees 180% Gains, Soars Past $700M Market Cap

• An internet meme from 2020 with a cat named Oatmeal returns on Solana.
• Feline meme coin POPCAT hits all-time high as analysts set eyes on $1 target.
• Despite favorable metrics, multiple exchanges refrain from listing POPCAT.

Solana’s blockchain has witnessed a flurry of meme coins, most of them animal-themed. In a world dominated by dogs, several feline-themed tokens have arrived, with Popcat (POPCAT) standing out from the crowd with 180% gains over the past 30 days.

New Cat In Town Pops Off To $700 Million

POPCAT pays homage to an internet meme featuring Oatmeal, a short-haired cat that was a huge hit back in 2020. The meme coin has a capped supply of 979,978,694 tokens, putting the cat-themed crypto in a similar category to Dogwifhat (WIF) , which has a slightly bigger max supply of 998,926,392.

Fetching over $700 million in global market cap for the first time, the coin is currently knocking at the door of crypto’s TOP 100 ranks. At #108, POPCAT gained 35% over the past 24 hours, claiming a new all-time high of $0.7542 in the morning of July 15, 2024. DailyCoin offers fundamental on-chain factors to consider for a more technical perspective.

How Far Can Popcat’s Bull Streak Reach?

Crypto aficionados on X draw similarities between POPCAT and WIF, a highly successful meme coin that peaked at $4.83 during March’s rally . The demand for Popcat on Derivatives markets suggests the piqued attention of market watchers, with a 55.08% rise in Open Interest (OI).

The OI indicator hints at unsettled leveraged positions on POPCAT on Derivatives markets, while the overall trading volume has risen by 79% to $174.7M, according to CoinGlass data. In comparison, WIF’s 24-hour Derivatives volume comprises $772M, but with short positions outweighing the longs by 7%.

Popcat’s 24-hour long versus short position ratio stands at 1.04, hinting at Solana’s meme coin traders having an optimistic future in mind. Judging from the Chaikin Money Flow (CMF) index, further price appreciation is possible due to CMF pointing to 0.24, denoting a positive large-holder money inflow.

On the Flipside

• The cat-themed POPCAT crypto is still not listed on several major exchanges, including Binance, KuCoin, and OKX.
• On Bybit, POPCAT coin is listed in the ‘Adventure Zone’, assembled for digital assets with massive price fluctuations.

Why This Matters

Meme currencies have been the most profitable narrative in Q1 of 2024, outshining other emerging crypto departments like Real World Assets ( RWAs ) or Artificial Intelligence (AI).

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