Why $2 is the key to POPCAT’s dominance over BONK

POPCAT

As a seasoned researcher with over a decade of experience in the crypto market, I have witnessed many memecoins rise and fall like the tides. However, POPCAT [POPCAT] has caught my attention with its impressive performance this year, outperforming even some established players.

This week, the meme coin, Popcat [POPCAT], built on the Solana platform, has been soaring, registering a substantial double-digit increase. It’s rapidly approaching the position of its rival, Bonk, in the cryptocurrency market.

As a researcher, I’m excitedly anticipating that by the end of Q4, POPCAT might outshine BONK, given the current market trend that seems to be favoring memecoins. This surge in popularity has put many memecoins in the limelight.

Additionally, the prospect of being listed on Binance may serve as a significant trigger, propelling POPCAT towards an equal exchange rate with WIF. This could occur prior to WIF’s next dramatic upward surge.

Why is $2 key for POPCAT

Among the top meme coins, BONK, which ranks fifth, has experienced a drop in its market capitalization by more than 2%. Meanwhile, POPCAT is making significant strides, with a current market cap of $1.4 billion following a 4% increase.

Over the next two months, if current trends persist, POPCAT might reach around $2 in value, surpassing BONK by market capitalization.

It’s worth noting that despite BONK beginning October in a downtrend with increasing lower bottoms, POPCAT has managed to outshine this pattern quite remarkably. Daily increases for POPCAT have surpassed 10%, and it’s currently attempting to break its all-time high (ATH).

As a researcher, I’ve noticed an interesting shift in the market dynamics. It appears that POPCAT is steadily gaining ground, posing a significant challenge to the previously dominant dog-themed coins. This transition seems to have started with the entry of Solana memecoins into the arena, which seems to have weakened the hold of these dog-themed coins.

Why $2 is the key to POPCAT’s dominance over BONK

Source : Coinalyze

Previously noted, the price point of $2 serves as a significant barrier for POPCAT. Though the current market data shows promise, various critical factors need to line up for us to hit that specific target.

A positive MACD crossing suggests an uptick in trading activity that may occur soon, typically indicating a potential turning point or market low.

Although this positive signal is present, it’s concerning that the trading volume dropped more than 30% within the past 24 hours. This decline suggests a growing pessimism in the market, fueled primarily by Bitcoin‘s recent dip, which has sparked concerns among traders.

Furthermore, if the Relative Strength Index (RSI) indicates that POPCAT is approaching overbought levels, it might intensify the situation, suggesting that it’s running too hot. Given that POPCAT has hit a new all-time high (ATH) of $1.48, traders may want to think about selling and moving on, especially since Bitcoin (BTC) has dropped below $63K.

Spot traders are targeting the dip

As an analyst, I observed a significant surge in value for the memecoin themed around cats. This spike occurred nearly 30% following the announcement of its perpetual contract listing on Binance. Earlier, I noticed that it had already been enjoying double-digit growth post its mid-September listing on Kraken.

Absolutely, the possibility of a coin being listed on Binance tends to generate significant excitement across social media platforms. This chatter often serves as a crucial predictor of price fluctuations, especially in the case of meme coins.

Why $2 is the key to POPCAT’s dominance over BONK

Source : Coinglass

Consequently, speculative traders are currently viewing the present price as a profitable “drop,” anticipating potential returns of up to ten times their initial investment in the future.

Despite the potential for a pullback due to the prevailing market environment, the rising number of traders moving into an accumulation stage hints at a positive trend, suggesting that the $2 goal remains achievable.

Overall, POPCAT appears poised to surpass BONK as the fifth-largest memecoin on the charts.

Is your portfolio green? Check the Popcat Profit Calculator

A number of elements lend strength to this theory, such as regular daily increases, previous resistance levels becoming new areas of support, the bulls showing strength even in market dips, and significant advancements that attract traders with the promise of high profits.

The combination of these elements seems to indicate that POPCAT might surpass $2 and overtake BONK prior to the conclusion of the fourth quarter.

2024-10-14 09:12

Why is $2 key for POPCAT

Spot traders are targeting the dip

Read More