Making its presence known, the meme-inspired cryptocurrency Popcat, on the Solana blockchain, sure does know how to make waves. In 24 hours, the price rose 23% to $0.740. But equally impressive is this: the token registered a 96% gain in the last seven days.
This surge has been sufficient to attract the attention of traders and investors due to its magnitude. A total of $127 million worth of transactions took place over the course of the previous day, indicating an increase in the trading activity.
Meme Culture Driving Popularity
First entering the digital currency scene in October 2020, the meme coin is famous for the funny “pop” motion done by the feline and has been used in a series of video clips across social media and even in video games.
The meme coin community is mostly responsible for its success. The virtual market has many investors who profit from trends. Popcat has distinguished itself from other meme coins by doing this.
Popcat: Strong Buy Opportunity
The recent analysis has shown Popcat holding very well on the bullish side. One of the predictions from CoinCodex sees a rise as high as 226% to $2.44 by September 25, 2024.
Basically, this prediction is driven by a reading of 55 for the Fear & Greed Index. Over the last 30 days, Popcat was 43% in the green and with 22.86% volatility, positive feelings are certainly ones to be excited about.
Some analysts agree that now could be an ideal moment to buy Popcat based on these signals since the numbers are at an all-time high. After all, the projection suggests ongoing expansion, thus this is quite a suitable starting position for any investor hoping to profit on the rising upward trend of this token.
Market Performance And Future Prospects
With an all-time peak of $0.993 registered July 21, 2024, Popcat’s performance has been nothing short of spectacular. At the time of writing, the token was trading 25.3% below such a peak. However, going by the recent price action, a recovery could be just around the corner. Market observers peg key support and resistance levels as low as $0.23 for the price floor and $0.95 for peak resistance.
Memes, community support, and market optimism—these are what drives Popcat up. It attracts cryptoverse participants with a $725 million market cap and rising trading volume. So, as this token breaks into the crypto spotlight, so should investors be on their toes regarding growth.
Featured image from Reddit, chart from TradingView
Source: NewsBTC