- Solana-based memecoin POPCAT has surged over 230% in the past month, gaining investor interest.
- Analyst Altcoin Sherpa remains bullish on POPCAT but warns of potential risks if it prints a lower high.
POPCAT, a memecoin based on the Solana blockchain, has lately risen to the top gainer list, following in the footsteps of MEW, another Solana meme token. POPCAT has climbed by 3.88% over the last 24 hours to $0.8527, despite light sell-off activity hitting many major cryptocurrencies.
POPCAT Impressive Performance Elevates It Among Top Cryptocurrencies
Over the last month, the cat-themed cryptocurrency has performed admirably, increasing its market capitalization by over 230% and placing it among the top 85 cryptocurrencies. Previously, as we noted, MEW, another cat-themed meme coin, headed the top gainers, reflecting that Solana-based meme tokens continue to pique the interest of investors and traders.
At that time, MEW peaked at sixth place in worldwide trading volume, with $2.07 billion. Cat-themed tokens appear to have received a distinct spotlight, outperforming dog-themed meme tokens like DOGE, SHIB, BONK, and WIF.
According to a prior report from CNF, POPCAT had previously soared to $1 per token before correcting and attempting to return to its current price at the time of writing.
Technical Analysis Highlights Potential Risks and Optimism
Meanwhile, crypto analyst Altcoin Sherpa has shared a technical analysis of the POPCAT token. Sherpa commented that he thinks it still looks okay, but he is concerned if this prints a lower high/shoulder.
If POPCAT sells off, every cat beta will perish. He is still optimistic for the time being and believes cat memes will perform well and catch up.
$POPCAT: I think looks decent still but would be concerned if this prints a lower high/shoulder. If this happens and popcat sells off, all cat beta is going to die. Still bullish for now and still think cat memes will do pretty well and play catch up. But lets see pic.twitter.com/pEdFb7G8ja
— Altcoin Sherpa (@AltcoinSherpa) July 24, 2024
POPCAT’s continued growth reflects the volatility and dynamic character of the crypto market. The meme token’s recent performance not only demonstrates the growing popularity of meme coins but also the possibility for huge gains in a relatively short amount of time.
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