POPCAT becomes Solana’s first memecoin to hit $1 billion market cap.
Memecoins like DOGE, SHIB, and PEPE surged 3%-15% in 24 hours.
The cryptocurrency market, fraught with regulatory battles over ETF approvals, high-profile founder arrests, and large-scale hacks, has been in a state of turbulence. As bears held their grip, price rallies became a rarity. However, anticipating the beginning of October, dubbed “Uptober,” has brought a breath of fresh air. The global market cap is up 2%, trading volume has surged by 5%, and Bitcoin has reached a 29-day high.
Amidst this resurgence, memecoins have also captured attention. Major tokens like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), DogWifhat (WIF), and Bonk (BONK) saw price surges ranging from 3% to 15% in the past 24 hours. However, the spotlight has shifted to POPCAT, the first Solana-based memecoin to hit a $1 billion market cap, achieving an all-time high (ATH) of $1.07 after a 13% rise in the last 24 hours. Trading volume for POPCAT also jumped by 31%, with the token gaining 44% over the past week.
Moreover, analysts report that the momentum suggests further gains for POPCAT, with projections of it potentially reaching $2 by year-end. This would result in a 100% gain if market conditions remain favourable. Additionally, POPCAT’s open interest has reached a new ATH, and funding rates are positive, reinforcing a bullish outlook.
When Will POPCAT Hit $2?
Technically, POPCAT remains in an upward trend. The 9-day Exponential Moving Average (EMA) sits at $0.9055, while the Relative Strength Index (RSI) at 63 indicates that it is approaching an overbought territory. Key resistance levels are anticipated at $1.20 and $1.71, with potential support around $0.8703.
POPCAT 1D Chart, Source: TradingView
As traders closely watch its movement, POPCAT’s ability to break through these critical levels will determine whether it can sustain its bullish momentum or face a possible pullback.
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