- As of press time, Popcat led by gains in the last 24 hours for the top 100 cryptos.
- Open interests, funding rates and aggregated liquidations all showing positivity.
As a seasoned crypto investor with battle scars earned from countless market cycles, I must admit that the recent surge of Popcat [POPCAT] has piqued my interest. Having witnessed the rise and fall of numerous coins, I’ve learned to be cautiously optimistic. The fact that POPCAT is nearing the $1 price level, gaining over 18% in just 24 hours, is nothing short of impressive.
The memecoins based on Solana [SOL] are picking up speed and attracting attention, even though some critics dismiss them as temporary ventures. However, the innovators behind Solana are silencing their skeptics, with Bonk taking the lead in this movement. Their goal is to introduce a Bonk Exchange-Traded Product (ETP), which could potentially pave the path for a future Exchange-Traded Fund (ETF).
As with many other crypto projects, Popcat [POPCAT] is also seeing significant success. Introduced in March 2024 amid a buoyant market, POPCAT has been steadily advancing and is now close to reaching the $1 value. At the moment of reporting, it had surged more than 18%, as indicated by CoinMarketCap.
In simple terms, the trading volume of POPCAT increased more than double (128% increase), causing it to rank first on CoinGecko’s charts. This puts it ahead of all the top 100 cryptocurrencies by market capitalization, including popular AI-related coins like Bittensor (TAO), Arweave (AR), and NEAR Protocol (NEAR).
With POPCAT’s impressive price gains and volume, the question arises: how high can it go in 2024?
Popcat shows momentum
POPCAT is showing a strong bullish trend, with its price climbing steadily since 8th September.
Over the past day-to-day graph, there’s been a consistent trend of green candles (representing increases), with only three exceptions, indicating a two-week upward trajectory. The significant dip on August 5th seems to have bottomed out, as the price hasn’t returned to that level since then.
It seems like POPCAT is showing signs of significant progress that might propel it beyond the $1 mark. If things continue to go well in the market, we might see this value soaring up to $2 by year-end. This would represent more than a 100% increase in its worth.
Nevertheless, it’s possible that the price of POPCAT might encounter resistance around the $1 point, potentially pausing its progress before moving upwards further. Additionally, there’s a possibility of a short-term correction close to the 0.61 Fibonacci level before resuming its bullish trend.
If the cost dips beneath its latest peak trough, this could indicate a possible change in direction, and closer examination will be necessary.
For now, POPCAT continues to show strength, and traders are watching for a decisive break higher.
OI-weighted funding rates and liquidations
The open interest-based funding costs and withdrawals provide additional evidence backing the optimistic outlook for POPCAT.
According to an analysis by Velo, key indicators in the futures market such as funding rates, open interest, and liquidation numbers suggest robust investor faith in POPCAT.
Reach an unprecedented peak once more, the open interest is testing its old record highs. Meanwhile, the funding rates continue to stay in a favorable position, bolstering the optimistic viewpoint towards the “cat token”.
Moreover, the scarcity of liquidations implies that fewer traders have positioned themselves against this token. As such, reaching the $2 price point could be quite probable given this situation.
Looking at these ongoing tendencies, it’s clear that POPCAT has a strong possibility of further expansion in the year 2024. Should the existing circumstances persist, investors may stand to gain significant profits from this memecoin tied to the Solana platform.
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2024-09-24 07:19