Solana-based memecoin POPCAT has turn out to be a market sensation in the previous few months. The token has led the feline sector, changing into the primary cat-themed cryptocurrency to succeed in a $1 billion market capitalization. Whales have seen the token’s current efficiency, loading their baggage with hundreds of thousands of tokens in the previous few days.
Whales Go Popping Their Baggage
On-chain analytics agency Lookonchain revealed {that a} crypto whale had bought hundreds of thousands of POPCAT right now. The acquisition was made by an investor who beforehand held the memecoin however bought its holdings earlier this month.
Per the report, the whale purchased 2.36 million POPCAT within the early hours of Thursday at a mean worth of $0.68. The tackle swapped 1.47 million USDC in 9 transactions various from 150,000 to 200,000 USDC.
After Lookonchain’s put up, the investor bought one other 299,345 tokens for 200,000 USDC. Previously eight hours, the whale acquired a complete of $2.66 million POPCAT, price $1.75 million, at a mean worth of $0.65.
The on-chain information agency additionally famous that this tackle bought 6.05 million POPCAT between April 21 and April 26. On the time, the investor spent 1.84 million USDC for the memecoin. Nonetheless, they bought the tokens every week in the past for 3.31 million USDC, making a revenue of over $1.47 million within the stablecoin.
Equally, on-line experiences revealed that one other whale tackle has been on a procuring spree for the final three days. This tackle purchased 5.67 million tokens on Monday, price round $3 million, in three Greenback-cost averaging (DCA) transactions.
Since then, the investor has continued to buy the cat-themed memecoin, buying one other 470,000 tokens right now, valued at $308,000. In consequence, the tackle now holds a complete of 6.14 million POPCAT, price $3.88 million.
Is Popcat About To Lead The ‘Cat Season’?
Following the whales’ transactions, POPCAT’s every day exercise surged 25%, leaping to a every day buying and selling quantity of $151 million. The memecoin’s worth additionally noticed a big 20% improve, hitting the $0.067 mark earlier right now.
The token’s efficiency made POPCAT the biggest gainer among the many prime 10 memecoins, main the sectors’ rally. Moreover, it turned the biggest every day gainer among the many 100 cryptocurrencies by market cap, seemingly fueling a bullish sentiment amongst buyers.
Some market watchers famous that the memecoin has been in “an uptrend ever since” the remainder of the market began its downtrend in March. The cat-themed token shows inexperienced numbers within the longer timeframes, registering 17%, 139%, and 110% will increase within the one-month, three-month, and six-month timeframes.
Sjuul from AltCryptoGems highlighted POPCAT’s efficiency all through September, bouncing from the $0.45 zone earlier than reclaiming the $0.55 assist stage within the final seven days.
Beforehand, the dealer famous that the cryptocurrency failed to reclaim the $0.7 resistance stage as August ended, leading to a worth drop to the $0.55 assist zone. The token’s worth continued to fall beneath the $0.50 mark within the following days.
In keeping with the put up, the memecoin continued to maneuver inside a bullish construction regardless of the dip. Nonetheless, the dealer deemed that buyers ought to be careful for key assist ranges on the $0.50 and $0.40-40.45 ranges within the following weeks.
To Sjuul “bouncing at both of these two ranges would suggest that bulls are nonetheless in command of the market construction.” This might make sure that the memecoin types a “new greater low on the excessive time-frame,” opening “the gate to an additional push into resistance” and will finally lead to an enormous rally.
As of this writing, the cryptocurrency has reclaimed the $0.65 worth vary, at present buying and selling at $0.655.