On September 25, the market capitalization of POPCAT, a memecoin domiciled in Solana, surpassed $1 billion, resulting in an all-time high
At the time of publication, Popcat was trading at $1.02, representing a 10% increase from the previous day. Earlier in the day, the meme coin had reached its all-time peak of $1.07, which was nearly 60% higher than its weekly low.
According to CoinGecko, Popcat’s market cap has exceeded $1 billion as a result of its recent price increase, placing it in the 82nd position among cryptocurrencies. In addition, its daily trading volume increased by 53%, reaching approximately $136 million.
In the interim, CoinMarketCap data indicates that the social sentiment surrounding Popcat has been positive. Following its recent accomplishment, billionaires have shifted their focus to the meme coin. On the same day, an investor acquired $1.3 million worth of POPCAT at $1.
As evidenced by Coinglass data, POPCAT’s open interest has increased by 13%, reaching an all-time high of $106 million at the time of writing.
This suggests that the meme coin’s rally is being driven by an increase in the number of traders who are engaging with it. Furthermore, the coin’s upward trajectory has been further bolstered by the weighted funding rate, which has reached a record high of 0.0200%.
The surge has brought POPCAT in close proximity to the upper Bollinger Band, which is presently at $1.0704. This suggests that the asset will shortly enter an overbought zone, although it also reinforces the strong bullish momentum in the short term.
Additionally, the Commodity Channel Index experienced a significant increase to 143.81 subsequently to the recent rally, which is significantly higher than the overbought threshold of 100.
The potential for an impending correction is typically indicated by such elevated readings, which is why traders are advised to exercise caution.
If POPCAT maintains its momentum and surpasses the $1.070 resistance level, it may continue to ascend, with $1.2 serving as its subsequent psychological objective.
Conversely, the first support zone is the middle Bollinger Band at $0.7482, which could lead to a further decline if current support levels are not maintained. In the vicinity of these critical levels, traders should exercise caution due to the possibility of increased volatility or consolidation.
Popcat’s most recent ascent is a component of a more extensive upswing in meme currencies that are cat-themed.
In the past 24 hours, Cat in a Dogs World, an additional Solana-based cat-themed token, experienced an 8% increase, while Mog Coin and Michi experienced a 5.6% and 7.4% increase, respectively.
