According to cryptocurrency analytics platform LookOnChain, a smart whale sold 2.66 million Popcat (POPCAT) at $1.36 per coin in the past 20 hours, generating a profit of nearly $3.96 million.
The wallet still contains 3.45 million tokens of the cat-themed meme coin, worth around $4.48 million. LookOnChain notes that the trader has now purchased 30.22 million $GIGA tokens, worth around $1.45 million.
This smart whale sold $POPCAT at a profit and bought $GIGA!
He sold 2.66M $POPCAT ($3.61M) at $1.36 in the last 20 hours, leaving 3.45M $POPCAT ($4.48M), for a profit of ~$3.96M!
Why did the crypto trader sell the Memecoins?
POPCAT Price Performance
The cat-themed meme coin hit an all-time high of $1.47 yesterday. The asset has fallen 16.7% since then. The cryptocurrency is down 14.8% on the daily charts, but up 18.4% on the weekly charts, 33.3% on the 14-day charts, and over 139% over the past month.
Investor sentiment and market conditions
The whale investor may have anticipated that POPCAT would face a correction after hitting an all-time high yesterday and decided to book profits. The recent drop could be due to investors booking profits in the meme coin.
The decline could also be due to falling investor sentiment stemming from rising geopolitical tensions in the Middle East. Market participants may be anticipating a correction, leaving them weary of risky investments.
Impact of external factors
The cryptocurrency market crash could also be due to the US Supreme Court refusing to hear the case regarding the $4.4 billion worth of Bitcoin (BTC) seized from the dark web marketplace Silk Road. The US government may sell the seized Bitcoin, which could lead to further corrections.
Despite the bearish market environment, POPCAT is expected to continue its rally. Analysts at CoinCodex predict that the cryptocurrency will recover in the coming weeks, reaching a high of $4.41 on November 5, 2024. Reaching $4.41 from current prices would translate into a rally of around 258.5%.
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