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Popcat, the latest memecoin sensor based on Solana, has been crowned as one of the most efficient cryptocurrency exchanges in the market. Memecoin stole the limelight following its 117% rise throughout Q3, outperforming other well-established tokens in the sector.
Feminism has now been lumped in as the first cat-themed memecoin to reach a $1 billion market cap, leading to a market push alongside tokens like Sei (SEI) and Worldcoin (WLD).
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POPCAT Hits $1 Billion Market Status Capture
Memecoins became the leading sector during this cycle, with many tokens outperforming many altcoins in the past few months. On the chaos front, dog-themed tokens like dogwifhat (WIF) stole the limelight during Q1 and Q2. However, a feline rival is challenging its place as Solana’s best-performing memecoin.
Investors and market watchers have praised the cat’s instinctive performance over the past few months. Throughout the Q3 market of violent tracking, POPCAT showed an amazing performance, becoming the biggest gainer among the top 100 cryptocurrencies several times.
The price of memecoin quickly fell from its 55% draw during the market crash, recovering and surpassing its previous level each time. POPCAT price has seen a 117% increase in the past three months, driving its price from the $0.68 mark to a new all-time high (ATH).
Late on Tuesday, the cryptocurrency broke above the $0.97 resistance level set by its previous ATH. Memecoin continued its 21% jump towards the $1.08 level, its new ATH, before returning to the $1.01-$1.02 price range.
This growth pushed POPCAT’s market capitalization to $1 billion, cementing its status as the leading cat-themed token and making it the first memecoin in the industry to achieve it.
Following its remarkable rise, the token registers an increase of 57.8% and 40.2% in the weekly and monthly period. Its daily market operations also saw an 82% jump in daily trading volume of $133.3 million in the last 24 hours.
Investors See More Pricing Opportunities
Some crypto whales loaded their wallets as POPCAT broke the $1 barrier. On Wednesday morning, on-chain data analytics firm Lookonchain revealed that a crypto investor recently rebought the cat-themed sensation, suggesting that some investors are feeling optimistic about the future performance of the token.
Per post, the whale used 8,644 SOL, worth about $1.29 million, to buy 1.3 million POPCAT in the past two days. The address bought 456,000 tokens on Monday before acquiring another 843,000 POPCAT when memecoin hit $1.
The whale previously sold its POPCAT at a loss of 45% two months ago. The investor saw $611,000 in losses by selling his 1.69 million tokens.
However, before the long-expected rise to $ 1, the crypto investor Trade4ddict noted that the consolidation of POPCAT below the main resistance level was a strong sign of its bullish continuation.
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The trader considers that after “turning off” the $1 resistance, memecoin has “good chances” of pumping to the $2 target. He also suggested that the previous high of $0.8 should provide some support before a possible correction.
As of this writing, memecoin continues to hold the $1 support level, exchanging hands at $1.01.
Featured image from Unsplash.com, Chart from TradingView.com