For a long time, the memecoin market has been dominated by dog-themed tokens like DOGE and SHIB. However, cat-themed tokens are now also solidifying their presence, with one of the notable newcomers being POPCAT, which is showing impressive performance.
POPCAT’s Market Success
Inspired by a cat meme called Oatmeal, POPCAT emerged in 2020 and reached a peak of $1.80 on Tuesday. With a market capitalization of $1.7 billion, POPCAT has garnered significant attention in the memecoin world. According to CoinGecko data, it is currently trading at $1.68.
Current Standing Among Other Memecoins
When it comes to memecoins, DOGE holds the leading position with a market cap of $24.7 million. SHIB is also prominent with a valuation of $10.9 billion. WIF ranks third with $2.6 billion, while POPCAT recently surpassed BONK, which operates on the Solana blockchain, in market capitalization. This development earned POPCAT the title of the second-largest memecoin in the Solana ecosystem.
Reactions from the Market and Investment Strategies
On the day POPCAT peaked, renowned memecoin investor Murad Mahmudov noted that POPCAT is now among the top ten memecoins. Mahmudov suggested through technical analysis that POPCAT has further upward potential. However, according to blockchain analysis firm Nansen, some "smart money" wallets took advantage of the rise to reduce their holdings. Wallets like swiftardio.sol, batmanwif.sol, and Sigil Fund sold $6.4 million worth of POPCAT in the last week.
Impact on DeFi and Trading Volume
In DeFi protocols, POPCAT continues to sustain its popularity. On the decentralized exchange Orca, it ranks second in 24-hour trading volume behind the SOL/USDC and PYUSD/USDC liquidity pools.
In conclusion, POPCAT's rise within the Solana ecosystem indicates that cat-themed tokens can also carve out significant roles in the memecoin landscape.
