when

<p class="is-style-lead">Popcat price rose for the second consecutive day as the sentiment in the crypto industry improved.</p> 
<p>The Popcat (<a href="https://crypto.news/price/popcat/" target="_blank" rel="noreferrer noopener">POPCAT</a>) token rose to an intraday high of $0.90, up by 20% from its lowest point this week. It is one of the best-performing cryptocurrencies in the market this year as it jumped by over 32,000% from its lowest point in January.</p> 
<h2 class="wp-block-heading" id="bitcoin-and-altcoin-rally">Bitcoin and altcoin rally</h2> 
<p>Popcat’s rebound happened as Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">BTC</a>) and other altcoins rose and as the fear and greed index moved to 60. Ethereum (<a href="http://ethereum" target="_blank" rel="">ETH</a>) was up by 2% while tokens like SATS, Aave, Monero (<a href="https://crypto.news/price/monero/" target="_blank" rel="noreferrer noopener">XMR</a>), and Bittensor soared by over 10%.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/sats-aave-monero-and-ordi-soar-over-10-after-bitcoin-jumps-4/"> SATS, Aave, Monero, and ORDI soar over 10% after Bitcoin jumps 4% </a> </p> 
<p>The other reason for the rebound is that traders are buying the dip after the Popcat token moved into a bear market, falling by over 25% from its highest point this year.&nbsp;</p> 
<p>In most cases, cryptocurrencies and other assets bounce back briefly even when they are in a deep bear market. Some of this rebound is known as “a dead cat bounce,” where it rises briefly and resumes the downward trend.</p> 
<p>Popcat’s rise coincided with a big increase in its open interest in the futures market. According to <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="">CoinGlass</a>, the interest rose to over $61 million on Friday from this week’s low of $52 million.&nbsp;</p> 
<p>The Popcat token also rose after an analyst who predicted its rally in January made the case that meme coins have a utility. In an X post, Cryptonary noted that these tokens had four main utilities, including entertainment, community, culture, meaning, and a trading vehicle.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Despite what most people believe, memecoins do have utility<br><br>They satisfy people’s desires — for community, enjoyment, and belonging — better than most tech projects <a href="https://t.co/9QwRrZqsAF" target="_blank" rel="">pic.twitter.com/9QwRrZqsAF</a></p>— Cryptonary (@cryptonary) <a href="https://twitter.com/cryptonary/status/1816784608240783520?ref_src=twsrc%5Etfw" target="_blank" rel="">July 26, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p> You might also like: <a href="https://crypto.news/popcat-price-has-more-upside-analyst/"> Popcat price has more upside: analyst </a> </p> 
<p>The lack of any clear utility is one reason why many investors avoid meme coins and instead focus on other cryptocurrencies like Bitcoin and Ethereum.&nbsp;</p> 
<p>Despite this, meme coins like Popcat, Pepe, and Floki have become leading players in the crypto industry with a combined market cap of over $54 billion. Some of them have even outperformed other large coins like Bitcoin and Ripple (XRP).&nbsp;</p> 
<h2 class="wp-block-heading" id="popcat-price-has-solid-technicals">Popcat price has solid technicals</h2> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14287418"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Popcat-price-2.png.webp"> 
  <img loading="lazy" decoding="async" width="3574" height="1986" src="https://crypto.news/app/uploads/2024/07/Popcat-price-2.png" alt="Popcat price"> 
 </picture> 
 <figcaption class="wp-element-caption">
  Popcat price | Source: <a href="https://www.tradingview.com/symbols/POPCATUSDT/?exchange=COINEX" target="_blank" rel="">TradingView</a>
 </figcaption>
</figure> 
<p>Technically, Popcat price rose after it formed a morning star candlestick pattern on Thursday. It is one of the most bullish patterns in the market and is characterized by a small body and equal upper and lower shadows.</p> 
<p>Additionally, Popcat token has remained above the 25-day and 50-day moving averages, meaning that it could continue rising. If this happens, it could retest the crucial resistance point at $1, 13% above the current level.</p> 
<p> Read more: <a href="https://crypto.news/russia-mulls-launching-tokens-backed-by-cenbank-owned-gold-report/"> Russia mulls launching tokens backed by cenbank-owned gold: report </a> </p>

Popcat price rebounds as one X user cites the utility of meme coins

Inhaltsverzeichnis

crypto.news

Weitere Artikel, die am 26. Juli 2024 veröffentlicht wurden

Elon Musk’s X Removes Crypto Emojis, Leaving Community Puzzled

Cypherpunk Holdings Ramps Up Solana Holdings to $14M, Plans Validator Node

Cardano’s Voltaire Era Arrives: Chang Hard Fork Initiated with Node 9.1.0

Ethereum Spot ETFs Witness Significant Net Outflows on Second Day

Elizabeth Warren Warns That Foreign Crypto Miners Might Be Spying on U.S. Military Bases

US senator withdraws support for Elizabeth Warren’s anti-crypto bill

Abonniere unseren kostenlosen Newsletter und erhalte tägliche Krypto-Updates!