bullish

Solana

2024

April

DOGS

Popcat, the popular Solana meme coin, continued rising this week as the mood among traders improved and as its futures open interest jumped.&nbsp; 
Popcat (<a href="https://crypto.news/price/popcat/" target="_blank">POPCAT</a>) rose by over 13% on Sept. 12, reaching an intraday high of $0.6812, its highest level since Aug. 29. It has surged by over 152% from its last month’s low. 
The token rebounded as data from the futures market showed that open interest was in a strong uptrend. It jumped to a high of $63 million, its highest level since July 27, and much higher than last month’s low of $17 million. 
 You might also like: <a rel="" href="https://crypto.news/popcat-price-skids-yet-open-interest-and-charts-indicate-a-rebound/"> Popcat price skids, yet open interest and charts indicate a rebound </a> 
Its volume on exchanges is also rising. Data shows that the volume stood at over $139 million, its highest level since Aug. 24. This indicates strong demand for the coin. 
A good example of this is a whale who <a href="https://x.com/EmperorThickems/status/1833938349578686880" target="_blank" rel="nofollow">swapped</a> Dogwifhat (<a rel="" href="https://crypto.news/price/dogwifhat/">WIF</a>) worth $800,00 to Popcat. He then swapped his Solana (<a href="https://crypto.news/price/solana/" target="_blank">SOL</a>) for the token. Another trader initiated a dollar-cost averaging trade worth $4 million. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 $4 million USD DCA into <a href="https://twitter.com/search?q=%24POPCAT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$POPCAT</a> just started heard it's Binance… pop tardio <a rel="nofollow" href="https://t.co/7jlLoOIlvL" target="_blank">pic.twitter.com/7jlLoOIlvL</a>— Thickems (@EmperorThickems) <a href="https://twitter.com/EmperorThickems/status/1834104513050882085?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 12, 2024</a>
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Meanwhile, Cryptonary, a crypto analysis firm, <a href="https://x.com/cryptonary/status/1834184364982206816" target="_blank" rel="nofollow">maintained its bullish view</a> on Popcat and upgraded its price target to $40. With the coin trading at $0.6812, it means that it needs to rise by almost 5,800% from the current levels. 
Historically, some meme coins have had similar parabolic moves in the past. Dogwifhat jumped by over 5,000% between its lowest and highest points this year. Popcat also surged by over 1,000% between its lowest point in April and its all-time high in July. 
One of the popular bullish cases for Popcat is that its ownership is spread widely. According to <a href="https://www.coincarp.com/currencies/popca/richlist/" target="_blank" rel="nofollow">CoinCarp</a>, it has over 49,000 holders, with the top ten biggest holders accounting for just 15%, and the top 50 accounting for 22% of all tokens in circulation. 
In contrast, Brett’s (BRETT) top ten wallets <a href="https://www.coincarp.com/currencies/brett/richlist/" target="_blank" rel="nofollow">hold 71%</a> of all tokens. Pepe’s (<a rel="" href="https://crypto.news/price/pepe/">PEPE</a>) top ten accounts hold 45% of all tokens. Therefore, manipulating Popcat by whales is harder than the highly concentrated Brett and Pepe. 
<h2 class="wp-block-heading" id="popcat-has-formed-a-risky-pattern">Popcat has formed a risky pattern</h2> 
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 Popcat price chart | Source: <a href="https://www.tradingview.com/symbols/POPCATUSDT/?exchange=MEXC" target="_blank" rel="nofollow">TradingView</a>
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Technically, there is a risk that Popcat could pull back in the near term before resuming its uptrend. On the 4-hour chart, it is forming a head and shoulders pattern, one of the most popular bearish signals. It is about to complete the right shoulder, meaning that it may experience a deep reversal in the near term. 
 You might also like: <a rel="" href="https://crypto.news/popcat-dogs-soar-as-bitcoin-reclaims-56k/"> POPCAT, DOGS soar as Bitcoin reclaims $56k </a>

Popcat déjà vu: analyst models 5,000% surge to $40

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