Solana-Based Popcat Rallies 30% After Binance Listing

Solana-based meme coins have had an incredible run over the last year. Popcat (POPCAT) is currently one of the best-performing cryptocurrencies, rallying 31% in the last 24 hours and 23.6% over the last week.

Solana-based popcat
Source: CoinGecko

The meme coin continues to glow red in the other time frames, falling 0.8% in the 14-day charts and 25.5% in the monthly charts.

Also Read: Tron (TRX) To Hit $1, Here’s When

Factors Driving Popcat’s Rally

popcat
Source: 99Bitcoins

Why is POPCAT Rallying?

The Solana-based meme coin’s latest price surge could be due to Binance launching perpetual contracts for the token. Binance’s announcement was followed by KuCoin’s announcement of a POPCAT/USDT trading pair on its platform.

Also Read: XRP: Ready to Rocket as Tether Bubble Bursts!

According to the data from LookOnChain, a whale withdrew $5.73 million worth of Solana (SOL) from Binance and purchased 10 million POPCAT tokens following the exchange’s announcement.

Crazy buying of $POPCAT!

After #Binance announced the launch of $POPCAT perpetual contracts, a whale withdrew 39,816 $SOL($5.73M) from #Binance to buy 10M $POPCAT!https://t.co/smN6cNogIo pic.twitter.com/E3zMHy6Qoh

— Lookonchain (@lookonchain) August 22, 2024

Will The Meme Coin Hit A New All-Time High?

POPCAT is currently down 38.6% from its all-time high of $0.99, which it attained on July 21, 2024, about a month ago. The meme coin had climbed into the top 100 projects by market cap last month but has since slipped to the 122nd position.

Also Read: Top Altcoin Options Ready to Explode as Bitcoin Nears $70K

CoinCodex researchers paint a rather bullish picture for the Solana-based meme coin. The platform anticipates the asset to breach the $1 mark by Sept. 7, 2024, hitting a new all-time high.

CoinCodex predicts the meme coin to continue rallying throughout September, hitting $1.99 on Sept. 20, 2024. Reaching $1.99 from current levels would translate to a rally of about 237.29%.

POPCAT
Source: CoinCodex

If the market displays strong investor sentiment, POPCAT may continue rallying over the next few weeks.

If we face a market correction and Bitcoin (BTC) enters another slump, the meme coin may witness a price dip. How the asset fares over the next few weeks remains to be seen.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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