Solana-based meme cash have had an unimaginable run during the last 12 months. Popcat (POPCAT) is at the moment one of many best-performing cryptocurrencies, rallying 31% within the final 24 hours and 23.6% during the last week.
The meme coin continues to glow pink within the different time frames, falling 0.8% within the 14-day charts and 25.5% within the month-to-month charts.
Components Driving Popcat’s Rally
Why is POPCAT Rallying?
The Solana-based meme coin’s newest worth surge might be attributable to Binance launching perpetual contracts for the token. Binance’s announcement was adopted by KuCoin’s announcement of a POPCAT/USDT buying and selling pair on its platform.
In response to the information from LookOnChain, a whale withdrew $5.73 million value of Solana (SOL) from Binance and bought 10 million POPCAT tokens following the change’s announcement.
Will The Meme Coin Hit A New All-Time Excessive?
POPCAT is at the moment down 38.6% from its all-time excessive of $0.99, which it attained on July 21, 2024, a couple of month in the past. The meme coin had climbed into the highest 100 initiatives by market cap final month however has since slipped to the 122nd place.
CoinCodex researchers paint a somewhat bullish image for the Solana-based meme coin. The platform anticipates the asset to breach the $1 mark by Sept. 7, 2024, hitting a brand new all-time excessive.
CoinCodex predicts the meme coin to proceed rallying all through September, hitting $1.99 on Sept. 20, 2024. Reaching $1.99 from present ranges would translate to a rally of about 237.29%.
If the market shows robust investor sentiment, POPCAT could proceed rallying over the subsequent few weeks.
If we face a market correction and Bitcoin (BTC) enters one other stoop, the meme coin could witness a worth dip. How the asset fares over the subsequent few weeks stays to be seen.
