Axie Infinity (axs) 
Popcat Surges Above Popular Meme Coins: A Closer Look at the Latest Crypto Trend
Popcat has recently achieved a new all-time high, surpassing well-known meme coins like Bonk and Floki, driven by a significant increase in its futures open interest.
Price Performance and Market Cap
Over the past day, Popcat rose by an impressive 17.8%, trading at $1.66 at the time of writing. Over the last 30 days, the meme coin’s price has appreciated by 80.3%, with its market cap increasing to $1.61 billion, up from $457 million in September.
Futures Open Interest
The surge in Popcat’s price aligns with a notable jump in its futures open interest, which has escalated from $46.91 million at the beginning of September to an all-time high of $274.8 million.
Whale Activity
On social media platform X, a community member noted that several whale wallets have been accumulating Popcat recently. At least three whale wallets have acquired significant amounts of the token in the past 24 hours. Additionally, one whale was observed selling BONK in exchange for Popcat.
Exchange Outflows
The rally in Popcat’s price coincides with an increase in meme coin outflows from centralized exchanges, typically seen as a bullish signal. This trend suggests that investors are holding onto their tokens for longer durations, indicating confidence in the coin’s potential.
Market Position
Popcat has emerged as the leading gainer among the top 100 cryptocurrencies, surpassing popular dog-themed meme coins Bonk and Floki in terms of market cap as of October 24, according to CoinGecko data. Bonk, which has been declining over the past week, holds a market cap of $1.56 billion, while Floki, a meme coin on the Ethereum network, has a market cap of $1.4 billion after a slight drop of 0.8% over the past day.
Technical Indicators
On the 1D POPCAT/USDT chart, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover, with the MACD line (blue) crossing above the signal line (orange), indicating potential continued bullish momentum.
The Average Directional Index (ADX) at 37.48 further confirms the strength of the current trend, suggesting that the price could push higher.
Analyst Insights
Analysts remain optimistic about Popcat’s short-term prospects. According to pseudo-anonymous market analyst Bluntz, Popcat recently broke out of an ascending channel, a strong signal of continued price growth due to sustained buying pressure overcoming previous resistance within the channel.
Another trader, NW Crypto, speculated that Popcat could face resistance at $0.2768, approximately 18.7% above the current price level. If bulls successfully push the price beyond this resistance, the next targets could be $0.7416 and $1.4926.
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