- Popcat has become one of Solana’s top three most popular meme coins in recent months.
- Listing on the Binance exchange will significantly increase Popcat’s liquidity and trading volume.
- Meme coins continue to be a favorite among speculative traders and chains looking to expand their on-chain operations.
The rise of meme coin mania on the Tron (TRX) network has attracted more speculative investors into top-rated projects. Solana (SOL) network remains a leader in meme coin development, with the current market cap of its memes at around $6.2 billion and an average daily trading volume of around $1.3 billion.
Some of the most popular memes on the Solana Network include dogwifhat (WIF), Bonk (BONK), BOOK OF MEME (BOME), and Popcat (POPCAT).
The Rise of Popcat (POPCAT) on the Solana Network
The cat-themed meme coin Popcat has become a popular crypto project on the Solana blockchain with over 64,000 holders. The Popcat meme coin had a market cap of around $552 million and a locked liquidity of over 10 million.
The Popcat meme coin has already been listed on major centralized exchanges, with average daily trading volume up more than 134 percent over the past 24 hours to around $145 million during the early session in New York on Thursday.
Earlier today, the leading cryptocurrency exchange by daily trading volume and global registered users announced the listing of the POPCATUSDT Perpetual Contract on its platform. Notably, Binance will offer traders up to 75x leverage on the Popcat futures market.
Impact on the price
Following the continued adoption of Popcat by speculative traders, the underlying asset rose by more than 30 percent today to around $0.559. However, the Popcat price against the USD is not out of the woods yet.
From a technical standpoint, Popcat price must regain the 50-day moving average (MA) as a support level to invalidate the macro reversal. Moreover, the meme coin has formed a potential head and shoulders (H&S) pattern on the daily time frame, coupled with a bearish divergence on the Relative Strength Index (RSI).
The weekly RSI already shows that Popcat is hovering around overbought levels, especially after a rally of around 100x since January this year.
Source link
