🌎 Popcat Meme Coin on Solana Soars 13,500%, Hits Record High

Popcat, a new meme coin on the Solana blockchain, reached a record high on Monday as the crypto fear and greed index stabilized.

The $POPCAT token has seen an impressive four-day rally, reaching an all-time high of $0.7563, marking a 13,500% increase from its lowest point this year. Its market cap has surged to over $700 million, placing it as the 9th largest meme coin globally.

Popcat’s rise paralleled a broader cryptocurrency market increase, including gains in Bitcoin and other altcoins, which helped push the total market cap of all cryptocurrencies to over $2.3 trillion. The combined market cap of meme coins has also risen to over $48 billion.

This rebound has lifted the crypto fear and greed index from a greed level of 38 to a neutral point of 48. Historically, cryptocurrencies tend to rise when this index is on an upward trend.

Popcat’s rally was also marked by a significant increase in its futures open interest, which soared to a record high of $45 million from a low of $22 million earlier this month. An increase in open interest typically indicates growing demand for the token.

Popcat Futures Open Interest and Trading Volume

In the past 24 hours, Popcat’s trading volume on centralized and decentralized exchanges climbed to $78 million, the highest level since July 6th. This volume surpassed that of Brett and Mog Coin, two meme coins with larger market caps. Brett, the largest meme coin on the Base Blockchain, had $47 million in volume, while Mog Coin had $49 million.

This trend is consistent among larger meme tokens. For instance, Pepe’s 24-hour volume exceeded $1 billion, surpassing Dogecoin and Shiba Inu, which had volumes of $640 million and $245 million, respectively.

Risk and Future Outlook

Like other meme coins, Popcat has no intrinsic value, and its developers have not indicated plans for creating an ecosystem. The official website states that Popcat has no intrinsic value or expectation of financial return and is meant solely for entertainment purposes.

Despite this, data shows that there are over 53,000 holders of the token who are optimistic about its future performance. Some analysts believe that Popcat’s price could continue to rise. However, similar to other meme coins, there is a risk that insiders might start selling the token, as seen with Beercoin and DAVIDO tokens.