Solana-based memecoin POPCAT has become a market sensation in the last few months. The token has led the feline sector, becoming the first cat-themed cryptocurrency to reach a $1 billion market capitalization. Whales have noticed the token’s recent performance, loading their bags with millions of tokens in the last few days.
Whales Go Popping Their Bags
On-chain analytics firm Lookonchain revealed that a crypto whale had purchased millions of POPCAT today. The purchase was made by an investor who previously held the memecoin but sold its holdings earlier this month.
Per the report, the whale bought 2.36 million POPCAT in the early hours of Thursday at an average price of $0.68. The address swapped 1.47 million USDC in 9 transactions varying from 150,000 to 200,000 USDC.
After Lookonchain’s post, the investor purchased another 299,345 tokens for 200,000 USDC. In the past eight hours, the whale acquired a total of $2.66 million POPCAT, worth $1.75 million, at an average price of $0.65.
The on-chain data firm also noted that this address purchased 6.05 million POPCAT between April 21 and April 26. At the time, the investor spent 1.84 million USDC for the memecoin. However, they sold the tokens a week ago for 3.31 million USDC, making a profit of over $1.47 million in the stablecoin.
Similarly, online reports revealed that another whale address has been on a shopping spree for the last three days. This address bought 5.67 million tokens on Monday, worth around $3 million, in three Dollar-cost averaging (DCA) transactions.
Since then, the investor has continued to purchase the cat-themed memecoin, acquiring another 470,000 tokens today, valued at $308,000. As a result, the address now holds a total of 6.14 million POPCAT, worth $3.88 million.
Is Popcat About To Lead The ‘Cat Season’?
Following the whales’ transactions, POPCAT’s daily activity surged 25%, jumping to a daily trading volume of $151 million. The memecoin’s price also saw a significant 20% increase, hitting the $0.067 mark earlier today.
The token’s performance made POPCAT the largest gainer among the top 10 memecoins, leading the sectors’ rally. Additionally, it became the largest daily gainer among the 100 cryptocurrencies by market cap, seemingly fueling a bullish sentiment among investors.
Some market watchers noted that the memecoin has been in “an uptrend ever since” the rest of the market started its downtrend in March. The cat-themed token displays green numbers in the longer timeframes, registering 17%, 139%, and 110% increases in the one-month, three-month, and six-month timeframes.
Sjuul from AltCryptoGems highlighted POPCAT’s performance throughout September, bouncing from the $0.45 zone before reclaiming the $0.55 support level in the last seven days.
Previously, the trader noted that the cryptocurrency failed to reclaim the $0.7 resistance level as August ended, resulting in a price drop to the $0.55 support zone. The token’s price continued to fall below the $0.50 mark in the following days.
According to the post, the memecoin continued to move inside a bullish structure despite the dip. However, the trader deemed that investors should watch out for key support levels at the $0.50 and $0.40-40.45 ranges in the following weeks.
To Sjuul “bouncing at either one of these two levels would imply that bulls are still in control of the market structure.” This would ensure that the memecoin forms a “new higher low on the high time frame,” opening “the gate to a further push into resistance” and could ultimately lead to a massive rally.
As of this writing, the cryptocurrency has reclaimed the $0.65 price range, currently trading at $0.655.
Source: NewsBTC