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

Table of Contents

crypto.news

Muita 26. heinäk. 2024 julkaistuja artikkeleja

Top 3 RWA Altcoins Favored by BlackRock

BNB Chain Eliminates $971M BNB in 28th Quarterly Token Burn

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

Ethereum Spot ETFs Witness Significant Net Outflows on Second Day

Why Fantom (FTM) Is Among the Best Crypto Coin Presales: Bulls Excited About the Next Big Rally?

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

Join our free newsletter for daily crypto updates!