The Solana-based memecoin Popcat (POPCAT) has been making the headlines for the previous week after turning into the primary cat-themed token to succeed in a $1 billion market cap.
The token has surged over 230% prior to now month, which propelled the token to a brand new all-time excessive (ATH). Nevertheless, a crypto analyst has warned traders of a attainable correction for the feline sensation.
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POPCAT Leads The Clowder
This month, Popcat has registered a outstanding efficiency. The token started 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 have become the biggest cat-themed token by market cap.
Popcat continued its ascending trajectory, reaching a $1 billion market cap on July 20 and turning into the primary ever cat memecoin to realize this milestone. The next day, the token reached its ATH of $0.9939, in accordance with CoinGecko information.
At the moment, the token is the eighth-largest memecoin by market cap, sitting above Cat in a canines world (MEW) and MOG. MEW has additionally seen a outstanding efficiency prior to now week, with a 98.2% surge within the final seven days.
Throughout Q2, the cat-themed tokens noticed huge progress and infiltrated the highest 10 memecoin record. Furthermore, a CoinGecko survey revealed the class grew to become the 14th hottest crypto narrative within the second quarter.
Is A Correction Looming?
Following its current efficiency, some crypto analysts and traders thought-about that “Popcat is wanting good.” Group Lambo Charts shared on X that the memecoin had “one other recent breakout carried out” earlier at this time.
Per the submit, the token broke out of the downtrend line after efficiently retesting the $0.84 mark. If the cat-themed memecoin continues to carry above this worth vary, the analyst believes a retest of the $1 resistance degree is feasible. Based mostly on this, he set an preliminary $1.08 goal “for the general 25% transfer quick time period.”
VikingXBT, one other market watcher, additionally commented on the token. To him, Popcat’s efficiency following its ATH “is smart on the decrease timeframe.” The analyst identified that the token “hit the psychological goal lots of people had.”
He acknowledged that the present retraces and retest of the outdated resistance are “molto buono.” Moreover, he advised that traders embrace themselves “with a little bit of endurance” whereas the token resumes its climb.
Nonetheless, not all analyses are assured concerning the memecoin’s current efficiency. On Monday, famend analyst Altcoin Sherpa shared his ideas on X. Per the analyst, the chart “appears to be like respectable nonetheless however can be involved if this prints a decrease excessive/shoulder.”
Sherpa thinks that if it occurs, and Popcat begins to unload, “all cat beta goes to die.” Nevertheless, the analyst clarified he’s nonetheless bullish for now as he believes that cat-themed memecoins “will do fairly properly and play catch up.”
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As of this writing, the biggest cat-themed cryptocurrency registers a 12% and 27% enhance within the every day and weekly timeframes.
Featured Picture from Unsplash.com, Chart from TradingView.com
