- The internet meme of 2020, a cat named Oatmeal, is back in Solana.
- Cat meme coin PopCat has hit an all-time high as analysts hit a $1 price target.
- Despite the favorable indicators, several exchanges do not list POPCAT.
Solana’s blockchain has seen a surge in animal-themed meme coins. In a world dominated by dogs, several cat-themed tokens have emerged, with POPCAT standing out with a 180% gain in the past 30 days.
New Cat Explodes to $700 Million
POPCAT pays homage to the internet meme featuring the short-haired cat Oatmeal, which became wildly popular in 2020. The meme coin has a limited supply of 979,978,694 tokens, putting the cat-themed cryptocurrency in a similar category to Dogwifhat (WIF), which has a slightly larger max supply of 998,926,392.
The first coin to surpass $700 million in global market cap is currently knocking on the door of the cryptocurrency TOP 100. Ranked 108th, POPCAT has gained 35% in the last 24 hours, reaching a new all-time high of $0.7542 on the morning of July 15, 2024. Dailycoin Provides basic on-chain elements to consider from a more technical perspective.
How far can Popcat’s fire streak go?
Crypto enthusiasts on X see similarities between POPCAT and WIF, a highly successful meme coin that peaked at $4.83 during the March rally. Demand for Popcat in the derivatives market has caught the attention of market watchers, with open interest (OI) up 55.08%.
While the OI indicator hints at POPCAT’s open leveraged positions in the derivatives market, the overall volume increased by 79% to $174.7 million, according to CoinGlass data. In comparison, WIF’s 24-hour derivatives volume was $772 million, but short positions were 7% higher than long positions.
Popcat’s 24-hour long to short ratio is 1.04, suggesting that Solana’s meme coin traders are optimistic about the future. Judging by the Chaikin Money Flow (CMF) index, the CMF is pointing to 0.24, indicating positive large holder inflows, which could lead to further price increases.
On the other side
- The cat-themed POPCAT cryptocurrency has yet to be listed on any major exchanges, including Binance, KuCoin, and OKX.
- POPCAT coin is listed on Bybit. ‘Adventure Zone’Built for digital assets with extreme price volatility.
Why this matters
Meme currencies are set to be the most profitable sector in Q1 2024, outpacing other emerging crypto sectors such as real assets (RWA) and artificial intelligence (AI).
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