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Popcat Gains 24% on Meme Coin's Tough Day
The trendy meme token Popcat ($POPCAT) emerged as the sole meme coin among the top fifteen by market capitalization to avoid losses during tonight's market downturn.
The feline-themed token, a standout in the $52 billion sector, reached a $1 billion market value amid price surges, securing its position as the seventh-largest meme coin two weeks ago. Today, Popcat has reinforced this achievement.
Market data reveals Popcat currently trading at $1.20, reflecting a modest 1% increase over the past 24 hours. Holders of the token over the last week have seen their portfolios grow by 24%, while Popcat's 30-day surge stands at an impressive 97%.
Popcat bucked the meme coin downtrend today, as industry leader Dogecoin ($DOGE) experienced a 2.4% decline overnight, now valued at $15.6 billion. Pepe ($PEPE), the top non-canine meme coin, saw a 3.6% drop in the last 24 hours.
These losses align closely with the broader cryptocurrency market, which has fallen 3.1% since yesterday, now sitting at $2.23 trillion.
Market frontrunner Bitcoin ($BTC) dipped 2%, trading at $60,993.
Popcat: How Solana's Meme Coin is Challenging Blue Chip Projects
Popcat has emerged as Solana's latest meme coin sensation. It draws inspiration from a viral 2020 meme featuring a cartoon cat named 'Oatmeal' with an O-shaped open mouth.
Launched in December, this Solana-based meme coin has shown consistent price appreciation since its inception.
This upward trajectory can be largely attributed to growing interest in Solana meme coins, catalyzed by the network's proprietary meme-minting protocol, Pump.fun, which debuted in January this year.
Popcat's recent price explosion propelled the token to an all-time high of $1.47 on October 7, followed by a roughly 18% retracement.
However, the ascending green support line in the chart below indicates the token has effectively consolidated its current position.
A rising Relative Strength Index (RSI) of 56 suggests the token has ample room to potentially reach a new all-time high this weekend.
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