The Solana-based memecoin Popcat (POPCAT) has been making the headlines for the past week after becoming the first cat-themed token to reach a $1 billion market cap.
The token has surged over 230% in the past month, which propelled the token to a new all-time high (ATH). However, a crypto analyst has warned investors of a possible correction for the feline sensation.
POPCAT Leads The Clowder
This month, Popcat has registered a remarkable performance. The token began climbing the chart on July 11, breaking above a $900 million market capitalization by July 16. That day, the Solana-based memecoin flipped Ethereum’s MOG and became the largest cat-themed token by market cap.
Popcat continued its ascending trajectory, reaching a $1 billion market cap on July 20 and becoming the first ever cat memecoin to achieve this milestone. The following day, the token reached its ATH of $0.9939, according to CoinGecko data.
Currently, the token is the eighth-largest memecoin by market cap, sitting above Cat in a dogs world (MEW) and MOG. MEW has also seen a remarkable performance in the past week, with a 98.2% surge in the last seven days.
During Q2, the cat-themed tokens saw massive growth and infiltrated the top 10 memecoin list. Moreover, a CoinGecko survey revealed the category became the 14th most popular crypto narrative in the second quarter.
Is A Correction Looming?
Following its recent performance, some crypto analysts and investors considered that “Popcat is looking good.” Team Lambo Charts shared on X that the memecoin had “another fresh breakout done” earlier today.
Per the post, the token broke out of the downtrend line after successfully retesting the $0.84 mark. If the cat-themed memecoin continues to hold above this price range, the analyst believes a retest of the $1 resistance level is possible. Based on this, he set an initial $1.08 target “for the overall 25% move short term.”
VikingXBT, another market watcher, also commented on the token. To him, Popcat’s performance following its ATH “makes sense on the lower timeframe.” The analyst pointed out that the token “hit the psychological target a lot of people had.”
He stated that the current retraces and retest of the old resistance are “molto buono.” Additionally, he suggested that investors embrace themselves “with a bit of patience” while the token resumes its climb.
Nonetheless, not all analyses are confident about the memecoin’s recent performance. On Monday, renowned analyst Altcoin Sherpa shared his thoughts on X. Per the analyst, the chart “looks decent still but would be concerned if this prints a lower high/shoulder.”
Sherpa thinks that if it happens, and Popcat starts to sell off, “all cat beta is going to die.” However, the analyst clarified he’s still bullish for now as he believes that cat-themed memecoins “will do pretty well and play catch up.”
As of this writing, the largest cat-themed cryptocurrency registers a 12% and 27% increase in the daily and weekly timeframes.
Featured Image from Unsplash.com, Chart from TradingView.com
Rubmar Garcia
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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