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CDS Crypto News Solana-Based Meme Coin POPCAT Hits $1 Billion Market Cap Amid Price Surge

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Solana-Based Meme Coin POPCAT Hits $1 Billion Market Cap Amid Price Surge

POPCAT, a Solana-based meme coin, hit an all-time high, pushing its market cap past $1 billion. With increased trading volume and bullish momentum, the coin is gaining attention from crypto investors and traders.

Zeynep Öztürk25/09/20241 Mins read66

Solana-Based Meme Coin POPCAT Hits $1 Billion Market Cap Amid Price Surge

Solana-based meme coin POPCAT reached an all-time high on September 25, as its market capitalization soared past the $1 billion mark.

At the time of writing, Popcat was still up by 10% over the past 24 hours, trading at $1.02. Earlier in the day, it had hit its peak price of $1.07, marking a surge of nearly 60% from its weekly low.

This price rally pushed Popcat’s market cap beyond the $1 billion threshold, securing it the 82nd spot among cryptocurrencies, according to CoinGecko. Its daily trading volume also saw a significant increase of 53%, reaching approximately $136 million.

The social sentiment surrounding Popcat has been notably bullish, with CoinMarketCap data showing increased interest from large investors. One whale, in particular, purchased $1.3 million worth of POPCAT at $1 on the same day.

Data from Coinglass indicates that POPCAT’s open interest climbed 13%, hitting an all-time high of $106 million, reflecting an influx of traders participating in the meme coin’s rally. Additionally, the weighted funding rate surged to a record 0.0200%, further fueling the coin’s bullish momentum.

Technically, POPCAT price has approached the upper Bollinger Band, currently sitting at $1.0704, suggesting the asset may soon enter overbought territory. This reinforces the strong short-term momentum, but it also raises the risk of a potential correction.

The Commodity Channel Index (CCI) also jumped to 143.81 following the recent surge, well above the overbought threshold of 100. Such elevated readings often signal the possibility of a pullback, urging traders to exercise caution.

Should POPCAT maintain its current momentum and break through the $1.07 resistance level, it could aim for the next psychological target of $1.20. However, failure to hold its support levels might trigger a decline, with the middle Bollinger Band around $0.7482 acting as the first support zone. Traders should brace for potential consolidation or volatility at these key price points.

Popcat’s rise is part of a broader trend among cat-themed meme coins. Another Solana-based token, Cat in a Dog’s World, gained 8% over the past day, while Mog Coin and Michi saw increases of 5.6% and 7.4%, respectively.