POPCAT price prediction – Will Kraken’s listing push memecoin to $1?

As a seasoned analyst with over two decades in the crypto market, I’ve seen my fair share of listings and price surges. With POPCAT’s impressive 20% surge within seven sessions and Kraken’s upcoming listing on the horizon, it’s hard not to get excited about the potential for this memecoin. Historically, listings have served as significant catalysts for POPCAT, pushing its price action to new heights, even in the face of broader market volatility.

The Solana-based meme coin, POPCAT, has jumped by 20% over the past 7 sessions, currently standing at $0.6633. This surge could be attributed to Kraken’s upcoming listing of POPCAT, an announcement made on platform X (previously known as Twitter). Given that this announcement coincides with the FOMC rate cut decision, it is reasonable to anticipate increased visibility and potential value growth for POPCAT.

This scenario, however, poses an intriguing query – Might this posting propel POPCAT towards reaching its future record peak?

Listings have boosted POPCAT before

As a researcher examining the historical data of POPCAT, I’ve noticed that this cryptocurrency has been listed on notable platforms such as KuCoin, Bybit, and OKX. Typically, listings help align ask and bid orders, but a closer look at the chart reveals that these listings have had a significant impact not only on matching orders but also on the overall price dynamics of POPCAT.

POPCAT price prediction – Will Kraken’s listing push memecoin to $1?

Source : Coinalyze

On June 21st, Bybit, one of the top four cryptocurrency exchanges with a daily trading volume of $4 billion, began listing POPCAT. Interestingly, just prior to this listing, POPCAT showed signs of resistance at its support level of $0.22235. However, despite the prevailing bearish sentiment, it remarkably spiked to $0.60 within a week.

Interestingly, during that timeframe, Bitcoin experienced a significant drop, dipping below $60,000 about two weeks following its test at the $70,000 mark.

Essentially, the addition of POPCAT to Bybit’s platform significantly boosted its value. Despite the unstable market conditions, POPCAT soared by more than 160%. In fact, within a month after listing, it almost reached the $1 mark, closing at an impressive $0.99997.

A comparable occurrence took place when Binance added POPCAT to its Futures exchange, causing the token’s price to skyrocket from $0.58 to $0.75 in merely a span of three days.

POPCAT price prediction – Will Kraken’s listing push memecoin to $1?

Source : Coinglass

In just twenty days, the Open Interest (OI) skyrocketed from $2.4 million to a staggering $14.85 million – marking an astounding 518% increase. Furthermore, the overall Open Interest climbed from $38 million to $62.44 million.

And yet, despite Futures traders’ interest mirroring July’s ATH, the price impact fell short this time.

Can Kraken’s listing help POPCAT reach $1, or will volatility hinder its progress?

Time will tell

Although Kraken announced something, it’s clear that POPCAT remains exposed to Bitcoin’s dips, as demonstrated by its decline in late August. Since memecoins depend heavily on community backing, their social influence plays a crucial role.

Source : Santiment

Starting September on a downward trend, POPCAT’s social activity has dramatically increased, mirroring the influence of the recent announcement. As we speak, its activity level is nearly reaching the heights seen in early July and follows a 12% increase from the previous day’s closing figure.

Read POPCAT Price Prediction 2024-25

It’s important to note that the exact timing of POPCAT’s listing is significant and should match the Federal Open Market Committee (FOMC) meeting date. This concurrence may be accidental or intentional, but either way, it will draw close attention from investors. These two events could potentially impact POPCAT’s overall performance.

Presently, the $0.70 cap plays a significant role. Should it be challenged, it might strengthen the chances of POPCAT reaching $1, contingent upon how these circumstances develop.

2024-09-13 15:04

Listings have boosted POPCAT before

Time will tell

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