Popcat has reached a new all-time high, outpacing renowned meme coins Bonk and Floki, driven by a notable increase in futures open interest.
As of October 24, 2024, Popcat surged by 17.8% over the past 24 hours, trading at $1.66. The meme coin has seen an impressive 80.3% price increase over the past month, with its market capitalization soaring to $1.61 billion, up from just $457 million in September.
This price surge aligns with a significant rise in Popcat’s futures open interest, which escalated from $46.91 million at the beginning of September to a record high of $274.8 million. Additionally, community observations on X (formerly Twitter) have noted that several whale wallets have been accumulating Popcat tokens. At least three whale wallets reportedly acquired substantial amounts of the token in the last 24 hours, with one notable whale selling BONK to purchase POPCAT.
The recent rally coincides with an increase in meme coin outflows from centralized exchanges, a trend generally interpreted as bullish. This suggests that investors are choosing to hold their tokens for the long term rather than engage in short-term trading.
Popcat’s performance has established it as the top gainer among the 100 largest cryptocurrencies, surpassing both Bonk and Floki in market capitalization. As of October 24, Bonk has experienced a decline over the past week, maintaining a market cap of $1.56 billion, while FLOKI, which operates on the Ethereum network, has dropped 0.8% in the past day with a market cap of $1.4 billion.
Technical analysis reveals a bullish crossover on the Moving Average Convergence Divergence (MACD) indicator for the POPCAT/USDT trading pair, with the MACD line crossing above the signal line. This crossover indicates potential sustained bullish momentum. The Average Directional Index (ADX) reading of 37.48 further reinforces the strength of the current trend, suggesting that prices may continue to rise.
Market analysts are optimistic about Popcat’s short-term trajectory. Pseudo-anonymous analyst Bluntz noted that Popcat has recently broken out of an ascending channel, a sign of continued price growth due to sustained buying pressure overcoming prior resistance levels. Another trader, known as NW CRYPTO, speculated that the meme coin could encounter resistance at $0.2768, approximately 18.7% above the current price. Should bulls break through this level, potential targets could reach $0.7416 and $1.4926.
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