As a seasoned crypto investor with a penchant for meme coins and a knack for spotting opportunities, I can’t help but feel exhilarated by the meteoric rise of Popcat. Having been through the Dogecoin boom, the Shiba Inu craze, and even the brief Bonk rally, I must admit that the 52% weekly gains posted by Popcat have managed to catch my attention.
On Wednesday, the seven-day trend for major cryptocurrencies didn’t turn out to be a disaster, but the majority of leading coins saw a decrease in value. This decline was seen even in Bitcoin, which experienced a 3% drop following a swift reduction in open interest for BTC futures among institutional crypto investors.
As a crypto investor, I’ve noticed an impressive surge in the performance of Popcat among meme coins. Contrastingly, most blue-chip memes like Dogecoin (-6%), Pepe (-2%), and Bonk (-2%) seemed to struggle this week. However, Popcat managed to outshine them all with a staggering 52% weekly growth by midday Chicago time on Wednesday.
Here’s why Popcat’s price popped over the past week.
Why Popcat Topped 7D Price Leaders Wednesday
Besides its current market backing, including a substantial market capitalization (over $600 million this week), considerable liquidity, and an active meme-based community, Binance has introduced a cryptocurrency derivatives product for the popular Solana cat meme token, Popcat. This new offering was announced by Binance a week ago on Thursday, August 22nd.
If you’re a crypto enthusiast who seeks more than just a 52% weekly surge in a meme coin, I have some exciting news for you! Binance has added Popcat-USDT perpetual futures contracts to their platform, offering up to 75 times leverage.
The company also listed futures contracts for Tron’s SUN tokens at the same time, helping the $300 million governance and utility token to fly up the charts by 91%, according to CoinMarketCap data.
On August 22nd, the platform Lookonchain detected a large purchase of Popcat valued at around $5 million, made using SOL tokens. This significant transaction may have attracted more interest among Popcat investors.
Layer 1 Solana Support for Popcat
Among the top 10 cryptocurrencies, Solana was the sole one that experienced an increase in value during the week ending on Wednesday. This could be a potential reason why markets favorably responded to one of its popular meme coins, resulting in significant price surges.
Over the last year, there’s been an unrelenting surge of interest in meme coins that compete with Solana and Ethereum. This trend was evident during the fourth quarter when Bonk outperformed the market. Bonk is essentially Solana’s counterpart to Ethereum’s Shiba Inu.
In simple terms, CoinGecko’s data indicates that Popcat achieved an astounding return on investment (ROI) of over 7000% for the year 2023, making it the top crypto performer based on this metric. However, Pepe had cautioned last year that the good times might be coming to an end. Interestingly, in the first quarter of this year, Popcat outperformed all other significant meme coins when it came to generating return on investment. This week’s performance suggests that the market for Popcat is still thriving and showing signs of continued growth in the third quarter.
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2024-08-29 09:50