bullish

World

Reserve

POPCAT

Popcat (POPCAT) broke out to an all-time high, while notable addresses mopped up more tokens. The whales bought near the token’s all-time high, sparking speculations that the POPCAT meme had more energy to extend the rally.&nbsp; 
Popcat (POPCAT) drew interest from <a href="https://solscan.io/account/Ai3pp1uJcBFiEaew4B2NT7QWXXP4iCSjPsL2vMPpmnTF#transfers" rel="nofollow noopener" target="_blank">whales</a>, with high-level centralized and decentralized activity. The Solana-based cat meme once again established itself among top tokens, with a market cap above $1B. After a few days of hype and accumulation, POPCAT broke out and charted a series of price records. 
The recent POPCAT rally extends the recent success of DogWifHat (WIF), which also gained concentrated whale buying. For POPCAT, a shift to cat memes and bullish predictions extended the price gains as high as $1.47. Later, POPCAT stepped back to $1.37, though the trading frenzy was still going strong. 
POPCAT recovered its market cap to above $1.3B, on track to flip Floki Inu (FLOKI) and even challenge Bonk (BONK). Meme tokens as a whole had a field day, with Neiro (community-owned) also reaching an all-time high. The meme token market is almost back above $50B in market capitalization.&nbsp; 
For most of 2024, POPCAT was a minor meme with a limited influence. The optimistic scenario was for a $150M market cap, and few expected an almost 10x above that level. The POPCAT community has also held the token through 80% drawdowns, hoping to repeat the model of WIF.&nbsp; 
<h3 id="span-style-font-weight-400-whales-spark-meme-token-frenzy-span">Whales spark meme token frenzy</h3> 
POPCAT is going through high-velocity trades between whale wallets and centralized exchanges. POPCAT still lacks a Binance listing and depends on Bybit and Gate.IO, along with decentralized pairs. But for now, this is enough to ensure significant liquidity and rapid rallies.&nbsp; 
POPCAT trading volumes went above $178M in 24 hours, as more whales rolled over into the asset. Bubblemaps show an accumulation of <a href="https://app.bubblemaps.io/sol/token/7GCihgDB8fe6KNjn2MYtkzZcRjQy3t9GHdC8uHYmW2hr" rel="nofollow noopener" target="_blank">whales</a>, though not all have been immediately active.&nbsp; 
A side effect of whale activity is that each address is also pointing to smaller, riskier tokens. Some of the POPCAT whales are also buying up other up-and-coming memes in the hope of a breakout.&nbsp; 
Additional meme tickers include Cat in a Dogs World (MEW), LCAT, GoodMorning (GM), and <a href="https://solscan.io/token/7dySSeW5rDYAHsV8k9NK2Pi3BXAHDx7CyM1HUV6BsunK" rel="nofollow noopener" target="_blank">WILFRED</a>. Those assets are enjoying mass accumulation alongside POPCAT. The POPCAT community is known for its loyal holding even at a low value, but whales are also aping into random new memes. The buying behavior can shift within minutes, as the POPCAT rally sparked the question of finding a similar token over undervalued gems. <a href="https://coinmarketcap.com/view/cat-themed/" rel="nofollow noopener" target="_blank">Cat-themed</a> tokens are also popping along with POPCAT, with Michi and Toshi following in its footsteps.&nbsp; 
The POPCAT community was strong enough so the asset could even surpass Simeon’s Cat (CAT), a heavily promoted token based on a widely known online cartoon.&nbsp; 
<h3 id="span-style-font-weight-400-popcat-sets-expectations-for-binance-spot-market-span">POPCAT sets expectations for Binance spot market</h3> 
The POPCAT frenzy in the past 24 hours may be caused by a social media <a href="https://x.com/POPCATSOLANA/status/1842899262562005434" rel="nofollow" target="_blank">message</a>, suggestive of a Binance listing. POPCAT is nowhere near gaining that listing, but hype can move the price.&nbsp; 
Binance has listed hot meme tokens previously, causing the expansion of NEIRO. However, the exchange also grew aware of sniping and insider holdings and is more critical of meme assets. A listing may turn POPCAT into a true blue chip meme and is seen as one possible scenario from the current all-time high.&nbsp; 
The alternative is that the current rally stalls, the asset takes another loss and buyers roll over into other memes, possibly WIF.&nbsp; 
POPCAT is widely distributed and only Bybit holds the biggest singular share of 6.25%. There is another sign of an upcoming POPCAT rally. The token is repeating a pattern similar to WIF, where Kamino Reserve is gradually becoming a whale.&nbsp; 
<figure id="attachment_597724" aria-describedby="caption-attachment-597724" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="wp-image-597724 " src="https://www.cryptopolitan.com/wp-content/uploads/2024/10/KaminoWalletOct72024.png" alt="Kamino Reserve 3 is the second-biggest POPCAT holder. " width="990" height="628" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/10/KaminoWalletOct72024.png 1189w, https://www.cryptopolitan.com/wp-content/uploads/2024/10/KaminoWalletOct72024-300x190.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/10/KaminoWalletOct72024-768x487.png 768w" sizes="(max-width: 990px) 100vw, 990px">
 <figcaption id="caption-attachment-597724" class="wp-caption-text">
 Kamino Reserve 3 is the second-biggest POPCAT holder. | Source: Bubblemaps
 </figcaption>
</figure> 
The growing reserves suggest a whale is buying up POPCAT, similar to <a href="https://www-cryptopolitan-com.webpkgcache.com/doc/-/s/www.cryptopolitan.com/top-10-wif-whale-switch-to-buying-mode/">WIF</a>, and moving the assets to Kamino Reserve. The meme tokens serve as collateral, which can then be used to borrow more USDC and continue the meme buying.&nbsp; 
This strategy brought WIF above $2.60 and may be viable while the meme is still hot with other traders. In the case of POPCAT, similar accumulation may continue in the next few days. The Kamino Reserve 3 wallet is already the second-biggest owner of POPCAT, holding 1.97% of the supply. 
Cryptopolitan reporting by Hristina Vasileva

Popcat (POPCAT) whales buy near all-time high

Table of Contents

Cryptopolitan_News

Other articles published on Oct 7, 2024

Political Memecoins TRUMP and MAGA Gains Strong Momentum: A Rally On Horizon?

UBS predicts China stimulus will trigger mass investor exodus from crypto

Billion-dollar crypto broker, FalconX seeks to acquire viable companies following record revenue ...

Weekly Article Recap: 9/16-9/20

BlockDAG’s $1 Million Giveaway Shakes the Market Amid Dogecoin Whale Surge & BNB Dip Concerns

Crypto Weekly Recap: Satoshi Nakamoto To Be Revealed; Coinbase To Delist Noncompliant Stablecoins...

Join our free newsletter for daily crypto updates!