According to U.Today, a Solana-based meme coin has recently captured the interest of retail traders, experiencing a remarkable 117% increase since July 11. This surge has brought attention to the broader market dynamics and the potential for significant gains and losses in the meme coin sector.
A notable development in this space is a wager on Polymarket regarding the first cat-themed meme coin to reach a $1 billion market capitalization by 2024. Earlier this year, Mew was leading the race with an all-time high of nearly $800 million. However, the token's value declined due to negative press from influencers who claimed it was backed by venture capital and promoted it in questionable ways. Influencers like Ansem allegedly profited over $250,000 from promoting the token.
As Mew's popularity waned, other meme coins like MOG and Popcat began to gain traction. Recently, a significant move was made by a Popcat bettor who independently purchased $300,000 worth of tokens at 96-98 cents, causing the DEX price to rise to $1.0466. This strategic purchase, made as Popcat approached the $1 mark, forced other players betting against Popcat to incur losses, with $4 million pooled in the wager.
The Solana-based asset's 117% increase since July 11 has drawn retail traders' attention to POPCAT. Historically, such price surges often lead to corrections, presenting better entry points for traders. Despite Popcat's recent popularity, it is crucial to remain aware of the market's volatility and the potential for manipulation. The individual who made the large purchase risked losing between $10,000 and $15,000 to win the larger wager.
