The Solana meme coin has had a phenomenal run in the past year. Popcat, or POPCAT as it is also known, is one of today’s best performing cryptocurrencies. The price has increased by 31% within the last day and 23,6% during the past week.
The red glow of the meme coin is still visible in other charts, with a fall of 0.8% on the 14-day chart and a 25.5% drop in the monthly chart.
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Popcat Rally Factors
What Is POPCAT Raising?
Binance’s launch of perpetual contracts could have caused the latest surge in price for Solana meme coins. Binance announced the POPCAT/USDT pair, followed shortly by KuCoin.
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LookOnChain data shows that a whale purchased ten million Popcat tokens after Binance announced its announcement. The exchange had released $5.73 Million worth of Solana.
Can the Meme Coin Reach a New All-Time High Level?
POPCAT has fallen 38.6% since its highest point of $0.99 on July 21st, 2024. This was about one month ago. It was a meme coin that had made it into the top 100 by market cap in the last month. But, since then, its position has dropped from the first to the second.
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CoinCodex’s researchers have painted a very bullish view of the Solana-based Meme Coin. The platform expects that the meme coin will reach $1 by September 7th, 2024. It is a new high.
CoinCodex forecasts that the meme coin will continue to rally throughout September and reach $1.99 by Sept. 2024. To reach $1.99, a rise of 237.29% would be required.
POPCAT could continue to rise in the coming weeks if the market shows a strong investor’s sentiment.
The meme coin’s price may drop if we experience a correction in the market and Bitcoin (BTC), enters a new slump. It remains to be determined how the meme coin will perform over the next couple of weeks.
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Source: watcher.guru
