- Kraken Exchange Lists Solana’s Popular Cat-Themed POPCAT Meme Coin
- POPCAT coin fell 6% despite the news following a 58% monthly rally.
- As demand increases, derivatives traders are leaning toward short selling.
In the world of meme currencies, dog-themed tokens dominate the space with high market caps and strong communities. However, Popcat (POPCAT) is a cat-themed alternative coin that is in high demand in the Solana ecosystem.
The cat jumps into more exchanges
Having already been listed on crypto giants like OKX, KuCoin, and Bybit, Popcat has now landed on Kraken, one of the largest centralized exchanges in the US. Historically, listing on an exchange of this size has resulted in a significant increase in the price of POPCAT, leading to buy and sell orders on the spot market.
During the listing on Bybit on July 21, 2024, Solana’s meme coin Popcat reached an all-time high of $0.9939 on its first attempt to break the $1 checkpoint. At the time, due to the wide market volatility, Bitcoin (BTC) crashed and hovered around $67K, and POPCAT attempted to rise again towards $1 on July 27, 2024, but was rejected at the $0.94 resistance level.
According to the official Kraken X announcement, the upcoming POPCAT listing will be activated on September 19, 2024 at 15:00 UTC. Zooming in on the cryptocurrency price chart, POPCAT’s weekend bounce was rejected twice at the $0.74 resistance level on September 14 and 15, 2024.
Popcat’s main resistance watch
Popcat has been one of the profitable large-cap meme coins since the March 2024 rally, showing signs of diverging from the overall trend of the broader crypto market, led by triple-digit gains in large-cap meme coins such as Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe (PEPE).
According to CoinGecko, at the time of writing, Popcat was trading at $0.6899.
Despite the impressive monthly price action of 58% gains, POPCAT is facing difficulties on the way up as crypto investors are taking profits at this price level. Derivatives sentiment needs to change to overcome the $0.75 resistance barrier.
For example, leveraged crypto traders on OKX tend to short POPCAT, with a long-to-short ratio of 0.59, according to CoinGlass data. The indicator is more bullish on Binance, at 0.82, with $424K of the total daily $545K POPCAT liquidations being long positions.
With a daily volume of $64,757,784, Popcat is now on the verge of entering the top 100 cryptocurrencies by global market cap. At $676 million, it is $280 million shy of its all-time high of $956 million. To break the billion dollar barrier, Popcat needs to turn the $0.75 resistance level into support.
Based on the narrowing Bollinger Bands (BOL) on the 1-day chart, POPCAT may be entering a consolidation period before another major price action.
On the other side
- Popcat’s price movements are still influenced by the Bitcoin (BTC) downtrend, which was evident in the cryptocurrency’s decline in early August.
Why this matters
Meme currencies created the strongest narrative in Q1 2024, rapidly increasing their market share, reaching a cyclical peak of $56 billion in March.
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