Solana Meme Coins Surge in Popularity

Solana meme coins such as Popcat and Cat in a Dogs World have continued their upward trend, driving their total market cap to an impressive $11.38 billion.

Popcat’s Astonishing Growth

Popcat was trading at $1.3220 on Monday, Oct. 21, marking an extraordinary increase of 30,000% from its lowest level this year. This surge has elevated its market cap to $1.3 billion, positioning it as the third-largest Solana meme coin, following Dogwifhat and Bonk.

Cat in a Dogs World Reaches New Heights

Cat in a Dogs World saw a significant rise to a record high of $0.01050, up by 285% from its year-to-date low. Its valuation has now surged to $828 million, making it the fourth-largest meme coin within the Solana ecosystem.

Other smaller meme coins such as Fwog, Goatseus Maximus, Michi, and Maneki have also experienced notable gains in recent days.

Solana DEX Volume Overtakes Ethereum

This impressive performance has led to a substantial increase in trading volumes on Solana’s decentralized exchanges (DEX). Recent data indicates that Solana DEX volume rose by 41% over the last week to $12.61 billion, surpassing Ethereum DEXes, which handled $8.7 billion.

Raydium remains the leading Solana DEX, managing $7.6 billion in token volume. It is closely followed by Orca, Lifinity, and Phoenix.

Monthly Volume Comparison: Solana vs. Ethereum

In October, Solana also surpassed Ethereum in monthly trading volume, reaching $30.4 billion compared to Ethereum’s $26.5 billion. This trend was mirrored in the perpetual futures market, where Solana handled $4 billion in perpetuals over the last seven days, while Ethereum managed $2.83 billion. For the month, Solana processed $12 billion in perpetual futures, compared to Ethereum’s $7.9 billion.

The popularity of Solana meme coins like MEW and Popcat has been a significant driving factor behind these gains.

Increasing Number of Token Holders

Data shows a growing number of holders for these tokens. Popcat now has 77,750 holders, up from 68,300 on Sept. 21. Similarly, Cat in a Dogs World boasts 178,200 holders.

Technical Analysis: Bullish Patterns

Popcat has formed a bullish pennant chart pattern on its daily chart, characterized by a long flagpole and a triangular pattern. The token remains above the 50-day Exponential Moving Average, suggesting potential for a strong rally as the triangle pattern approaches its confluence. The initial target is $1.5535, its highest point on record.

Cat in a Dogs World has formed a cup and handle pattern, breaking out above $0.0087, its highest point on June 24. The token has also moved above the 50-day moving average, with further gains likely if it surpasses its all-time high of $0.01047.

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