Popcat has hit a brand new all-time excessive, rising above standard meme cash like Bonk and Floki, fueled by a surge in its futures open curiosity.
Popcat (POPCAT) rose 17.8% over the previous day, exchanging palms at $1.66 when writing. The meme coin’s worth additionally appreciated 80.3% during the last 30 days with its market cap standing at $1.61 billion, up from $457 million seen in September.
POPCAT’s worth surge coincided with a soar in its futures open curiosity which has risen from $46.91 million at first of September to its all-time excessive of $274.8 million.
In the meantime, on X one group member noticed that a number of whale wallets have been accumulating the memecoin these days. They pointed to no less than three whale wallets which have picked notable quantities of the token previously 24 hours, whereas one whale was discovered to be promoting BONK for POPCAT.
The rally got here alongside an uptick in meme coin outflows from centralized exchanges, as beforehand reported by crypto.information. Usually, such outflows are seen as a bullish sign, indicating that traders are opting to carry onto their tokens for an extended period slightly than partaking in short-term buying and selling.
All these components have helped push the cat-themed meme coin to be the main gainer among the many 100 largest cryptocurrencies and surpassing standard dog-themed meme cash Bonk (BONK) and Floki (FLOKI) by way of market cap on Oct. 24, per information from CoinGecko.
BONK which has fallen over the previous 7 days was seated with a market cap of $1.56 billion whereas FLOKI a meme coin housed in Ethereum was down 0.8% over the previous day with a market cap of $1.4 billion.
On the 1D POPCAT/USDT chart, the Transferring Common Convergence Divergence indicator exhibits a bullish crossover, with the MACD line (blue) crossing above the sign line (orange), signaling potential sustained bullish momentum.
The Common Directional Index at 37.48 additional confirms that the present development is robust, and the value may push greater.
In the meantime, analysts stay optimistic about Popcat’s short-term prospects.
Per pseudo-anonymous market analyst Bluntz, Popcat lately broke out of an ascending channel. The breakout from this sample is a powerful sign of continued worth development, because it exhibits sustained shopping for stress overcoming earlier resistance inside the channel.
One dealer going by the moniker NW CRYPTO speculated the meme coin may face resistance at $0.2768, roughly 18.7% above the present worth degree. In accordance with them, If bulls efficiently push the value past this resistance, the subsequent targets may very well be $0.7416 and $1.4926.
