In the last day, Popcat (#popcat ) rose by 17.8% and is currently trading at $1.66. Over the past 30 days, the price of the #memecoin🚀🚀🚀 has increased by 80.3%, with its market capitalization reaching $1.61 billion, a significant rise from $457 million in September.
POPCAT Futures Open Interest Hits Record High
The rise in POPCAT's price coincided with a surge in its futures open interest, which grew from $46.91 million at the start of September to a record high of $274.8 million.
Meanwhile, on platform X, a community member observed that several whale wallets have recently started accumulating meme coins. At least three whale wallets were identified as having accumulated significant amounts of the token in the past 24 hours, with one whale selling #BONK🔥🔥 in exchange for POPCAT.
Meme Coin Outflows from Exchanges Seen as Bullish Signal
This rally came alongside an increase in meme coin outflows from centralized exchanges, as previously reported by crypto.news. Such outflows are usually considered a bullish signal, indicating that investors are opting to hold their tokens for a longer period, rather than engage in short-term trading.
Popcat Overtakes Bonk and Floki in Market Capitalization
All these factors have pushed Popcat, with its cat-themed branding, to become a leading performer among the top 100 cryptocurrencies. It has surpassed popular dog-themed meme coins Bonk (BONK) and #flokiinu (FLOKI) in terms of market capitalization. As of October 24, Popcat surpassed Bonk, which had a market capitalization of $1.56 billion, while Floki, built on Ethereum, dropped by 0.8% to $1.4 billion.
Technical Analysis Signals Continued Growth
On the POPCAT/USDT 1D chart, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover, with the blue MACD line crossing above the orange signal line, signaling potential sustained upward momentum.
The Average Directional Index (ADX), sitting at 37.48, further confirms that the current trend is strong, and the price could continue to rise.
Analysts Optimistic About Popcat’s Growth
Analysts remain optimistic about the short-term outlook for Popcat. Pseudonymous market analyst Bluntz noted that Popcat recently broke out of an ascending channel, which is a strong signal of continued price growth. This breakout indicates sustained buying pressure that has overcome previous resistance levels in the channel.
A trader known as NW CRYPTO speculated that Popcat could face resistance at $0.2768, approximately 18.7% above its current price level. According to them, if the bulls successfully push the price past this resistance, the next targets could be $0.7416 and $1.4926.
#Memecoins🤑🤑
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