crypto.news
Popcat has hit a new all-time high, rising above popular meme coins like Bonk and Floki, fueled by a surge in its futures open interest.
Popcat (POPCAT) rose 17.8% over the past day, exchanging hands at $1.66 when writing. The meme coin’s price also appreciated 80.3% over the last 30 days with its market cap standing at $1.61 billion, up from $457 million seen in September.
POPCAT’s price surge coincided with a jump in its futures open interest which has risen from $46.91 million at the beginning of September to its all-time high of $274.8 million.
Meanwhile, on X one community member observed that several whale wallets have been accumulating the memecoin lately. They pointed to at least three whale wallets that have picked notable amounts of the token in the past 24 hours, while one whale was found to be selling BONK for POPCAT.
The rally came alongside an uptick in meme coin outflows from centralized exchanges, as previously reported by crypto.news. Typically, such outflows are seen as a bullish signal, indicating that investors are opting to hold onto their tokens for a longer duration rather than engaging in short-term trading.
All these factors have helped push the cat-themed meme coin to be the leading gainer among the 100 largest cryptocurrencies and surpassing popular dog-themed meme coins Bonk (BONK) and Floki (FLOKI) in terms of market cap on Oct. 24, per data from CoinGecko.
BONK which has fallen over the past 7 days was seated with a market cap of $1.56 billion while FLOKI a meme coin housed in Ethereum was down 0.8% over the past day with a market cap of $1.4 billion.
On the 1D POPCAT/USDT chart, the Moving Average Convergence Divergence indicator shows a bullish crossover, with the MACD line (blue) crossing above the signal line (orange), signaling potential sustained bullish momentum.
The Average Directional Index at 37.48 further confirms that the current trend is strong, and the price could push higher.
Meanwhile, analysts remain optimistic about Popcat’s short-term prospects.
Per pseudo-anonymous market analyst Bluntz, Popcat recently broke out of an ascending channel. The breakout from this pattern is a strong signal of continued price growth, as it shows sustained buying pressure overcoming previous resistance within the channel.
One trader going by the moniker NW CRYPTO speculated the meme coin could face resistance at $0.2768, approximately 18.7% above the current price level. According to them, If bulls successfully push the price beyond this resistance, the next targets could be $0.7416 and $1.4926.