In a remarkable turn of events, the POPCAT price has surged to new heights, achieving an all-time high (ATH) of $1.67, flipping its long-term competitor FLOKI.
This meteoric rise has cemented POPCAT’s position as the third-largest meme coin in the Solana ecosystem, right behind Dogwifhat (WIF) and Bonk (BONK), quickly becoming one of the best-performing cryptocurrencies of the year.
Why is the POPCAT price rising?
Despite slightly pulling back to around $1.54 at press time, the past three consecutive days have seen POPCAT’s price skyrocket by over 17%, bringing its market capitalization to over $1.5 billion, up significantly from just $457 million in September.
This surge in value has been fueled by a substantial increase in interest from investors, evidenced by the rise in the number of holders, which has grown from a low of 65,000 to over 77,700.
Interestingly, the top ten wallets hold only about 21% of the total supply according to data from HolderScan, indicating a healthy distribution among investors.
Another key factor behind the recent POPCAT price rally is the significant increase in its futures open interest, which has reached a record high of $277 million before dropping to $237.95 million at press time.
This marks a dramatic rise from less than $20 million just a few months ago, highlighting increased demand among traders.
Higher open interest is typically seen as a bullish signal, suggesting that many traders are betting on the coin’s continued growth.
Moreover, the trading volume for POPCAT has seen a substantial uptick, with over $146 million exchanged on Thursday by the time of writing, averaging over $120 million in recent weeks.
Most of this trading activity is concentrated on Bybit, with significant volumes also flowing through Gate.io, Raydium, and Orca.
This robust trading environment reflects a broader interest in POPCAT as investors move away from centralized exchanges, which is often viewed as a positive sign for future price stability.
The market dynamics are further illustrated by the sharp rise in shorts liquidations, which exceeded $720,550 compared to just $367,030 for bullish positions.
This suggests that many traders who bet against POPCAT have been forced to close their positions, indicating strong bullish sentiment driving the coin’s price upward.
The rally of POPCAT has also coincided with a broader upswing in the Solana ecosystem, with other tokens like Cat in a Dogs World and GOAT rising by over 20%.
Additionally, Solana’s role in the decentralized exchange (DEX) industry has strengthened, with its seven-day trading volume soaring to over $14.724 billion, compared to $7.898 billion for Ethereum according to DefiLlama data.
As POPCAT continues to gain traction, analysts remain optimistic about its short-term prospects.
Should the price break through key resistance levels, the next targets could be set at $0.7416 and $1.4926, marking a thrilling chapter in the ongoing saga of cryptocurrency investment.
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