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Bitcoin

Analyst Warns Of A POPCAT Correction Following 230% Surge

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The Solana-based memecoin Popcat (POPCAT) has been making the headlines for the previous week after turning into the primary cat-themed token to achieve a $1 billion market cap.

The token has surged over 230% prior to now month, which propelled the token to a brand new all-time excessive (ATH). Nevertheless, a crypto analyst has warned buyers of a potential correction for the feline sensation.

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POPCAT Leads The Clowder

This month, Popcat has registered a outstanding efficiency. The token started climbing the chart on July 11, breaking above a $900 million market capitalization by July 16. That day, the Solana-based memecoin flipped Ethereum’s MOG and have become the biggest cat-themed token by market cap.

Popcat continued its ascending trajectory, reaching a $1 billion market cap on July 20 and turning into the primary ever cat memecoin to attain this milestone. The next day, the token reached its ATH of $0.9939, in keeping with CoinGecko information.

Popcat hits a $1 billion market cap. Supply: DEGEN NEWS on X

At the moment, the token is the eighth-largest memecoin by market cap, sitting above Cat in a canine world (MEW) and MOG. MEW has additionally seen a outstanding efficiency prior to now week, with a 98.2% surge within the final seven days.

Throughout Q2, the cat-themed tokens noticed large progress and infiltrated the highest 10 memecoin listing. Furthermore, a CoinGecko survey revealed the class grew to become the 14th hottest crypto narrative within the second quarter.

Is A Correction Looming?

Following its current efficiency, some crypto analysts and buyers thought-about that “Popcat is trying good.” Group Lambo Charts shared on X that the memecoin had “one other recent breakout carried out” earlier right this moment.

Per the submit, the token broke out of the downtrend line after efficiently retesting the $0.84 mark. If the cat-themed memecoin continues to carry above this worth vary, the analyst believes a retest of the $1 resistance degree is feasible. Primarily based on this, he set an preliminary $1.08 goal “for the general 25% transfer quick time period.”

VikingXBT, one other market watcher, additionally commented on the token. To him, Popcat’s efficiency following its ATH “is smart on the decrease timeframe.”  The analyst identified that the token “hit the psychological goal lots of people had.”

He acknowledged that the present retraces and retest of the previous resistance are “molto buono.” Moreover, he prompt that buyers embrace themselves “with a little bit of endurance” whereas the token resumes its climb.

Nonetheless, not all analyses are assured in regards to the memecoin’s current efficiency. On Monday, famend analyst Altcoin Sherpa shared his ideas on X. Per the analyst, the chart “seems respectable nonetheless however could be involved if this prints a decrease excessive/shoulder.”

Popcat
Altcoin Sherpa warns of potential decrease excessive/ shoulder. Supply: Altcoin Sherpa on X

Sherpa thinks that if it occurs, and Popcat begins to unload, “all cat beta goes to die.” Nevertheless, the analyst clarified he’s nonetheless bullish for now as he believes that cat-themed memecoins “will do fairly effectively and play catch up.”

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As of this writing, the biggest cat-themed cryptocurrency registers a 12% and 27% improve within the every day and weekly timeframes.

popcat, POPCATUSDT
Popcat’s efficiency within the weekly chart. Supply: POPCATUSDT on TradingView

Featured Picture from Unsplash.com, Chart from TradingView.com

Bitcoin

Memecoins Resurgence? POPCAT And MEW Surge 20%

Because the crypto market settles in on this new section of the crypto cycle, some memecoins have proven exceptional efficiency over the past couple of days.

Cat-theme tokens have considerably grown in recognition throughout this bull run, with some, like Cat in a Canine’s World (MEW), making it to the highest 10 memecoins record. Different feline-inspired tokens like Popcat (POPCAT) and Wen (WEN) have had a stellar week after current partnerships that triggered the worth to surge by 20% in a single day.

Was The Memecoin Surge Fueled By Bitcoin?

The memecoins sector has been dominated by canine, with tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) being the flagship memecoins for the previous few years. Throughout this bull cycle, dog-themed tokens like Bonk (BONK) and dogwifhat (WIF) have been the discuss of the city, and a number of the tokens with the strongest efficiency.

Since its launch in January 2023, Bonk has surged round 4291%, whereas WIF has soared about 1512% since December 2023. Furthermore, the sector has proven stellar performances with cryptocurrencies like PEPE and E book of Meme (BOME).

Bitcoin (BTC) has dominated this cycle alongside memecoins, as highlighted by prime crypto analysts like Alex Krüger and Altcoin Sherpa. Nevertheless, their efficiency has been strongly co-related to BTC’s typically.

The remainder of the market has gone down with Bitcoin every time the flagship cryptocurrency faces a powerful retrace. Consequentially, when BTC has recovered, most sectors, together with memecoins, have regained their ranges. It’s value noting that some tokens like Popcat have continued to carry out nicely, even in the course of the current rally slowdowns.

On Thursday, Bitcoin efficiently examined the $59,000 resistance stage after spending most of Could’s first days hovering between $57,000-$58,000. Within the final hours of the day, the biggest cryptocurrency seemingly turned the resistance stage right into a help zone, pumping the worth of a number of memecoins.

Consequently, the memecoin market was 9.46% up on Thursday evening. Equally, cat-themed tokens have been up by 22.09% with a market capitalization of $1.581 billion, per CoinMarketCap information.

Cat-Themed Memecoins Take The Lead With Popcat

Regardless of dominating the memecoins market, canine-inspired tokens have misplaced some floor in opposition to the growing recognition of feline-inspired ones. Whereas the cats’ tokens had elevated over 20% within the earlier 24 hours, the canine’ sector solely surged 3.7% in the identical timeframe.

Over the previous few days, cat-themed memecoins have been among the many prime gainers within the crypto market. For example, Popcat has remarkably maintained its upward trajectory in the course of the current retrace and likewise joined the highest 10 memecoins record.

Popcat, which appears to be constructing a loyal neighborhood, has constantly proven double-digit acquire percentages this week. As reported by SolanaFloor, the token momentarily flippled BOME with its $570.3 million market capitalization.

Furthermore, as Bitcoin reclaimed the $59,000 stage, the cat-themed token noticed a 31% value improve within the day by day timeframe. This made Popcat the biggest gainer among the many prime ten memecoins.

In accordance with memecoin analyst Murad, Popcat will surge to $5-10 within the short-term as “the Topped High Cat.” Because the token reached its all-time excessive (ATH) of $0.618 on Thursday, the dealer highlighted a number of targets, together with a long-term $20 state of affairs.

Murad's prediction for POPCAT. Supply: X

Murad expects the token “to go to $1 shortly” subsequent time it closes above $0.63. Per the analysts, “It’s Cat Season child and $POPCAT is in management.”

MEW Stays A Well-liked Cat

A month in the past, MEW joined the canine’ pack after changing into the eighth largest memecoin by market capitalization. Since then, the lonely cat’s efficiency has struggled, with a 51.8% and 28.4% value lower within the month-to-month and weekly timeframes.

Regardless of the current drop in efficiency, the token has remained one of many hottest matters amongst altcoins. On Monday, crypto trade Bidget topped MEW as probably the most searched altcoin on the trade, beating PEPE and SOL on the “#BidgetTrendingSpot.”

On the time of writing, the token has proven a exceptional 12% value restoration within the final 24 hours, presently buying and selling at $0.00424.

memeocoins, cat-themed memecoins, Poppet, POPCATUSDT

POPCAT is buying and selling at $0.5389 within the weekly chart. Supply: POPCATUSDT on TradingView

Featured Picture from Unsplash.com, Chart from TradingView.com

Disclaimer: The article is supplied for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding selections. Use data supplied on this web site completely at your individual threat.

Bitcoin

Solana Memecoin Hits $320T Market Cap, But There’s A Catch

The Solana memecoin frenzy has made many buyers rating a house run or be out of the sport this cycle. Merchants are searching for new tasks that may very well be the following hit whereas the market enters a brand new re-accumulation part.

Solana Memecoins’ New Strike

Memecoins have been the narrative of this bull cycle. Consequently, those that wished to make huge income primarily invested in newly launched tasks. Whereas some have made tens of millions by buying and selling the week’s high gainers, others have misplaced important quantities attempting to climb the ladder.

Solana-based memecoins have been the preferred, with some, like dogwifhat (WIF) and cat in a canine’s world (MEW), main the way in which. Nonetheless, not all tasks have achieved recognition and assist for these tokens.

A substantial variety of the Solana memecoins launched within the final two months have left buyers empty-handed. The most recent wrongdoer is the just lately launched Bonk Killer (BONKKILLER), which turned the most well liked matter on Monday for the flawed causes.

The token surpassed the $100 trillion market capitalization just a few hours after launching. Nonetheless, the explanation behind what might have been probably the most spectacular feat in crypto historical past is not any apart from a honeypot rip-off.

Bonk Killer's worth and market capitalization. Supply: Birdeye

As reported by SolanaFloor, the memecoin is a rip-off token that pulls buyers with high-profit potential however prevents them from promoting their holdings. Many realized they couldn’t transfer their tokens solely after the undertaking’s creator activated the “freeze authority.”

This motion allowed the creator to keep away from promoting the token, which skyrocketed the market capitalization metric to $328 trillion. In response to analytics platform Birdeye, the Solana-based memecoin registers a $318 trillion market cap on the time of writing.

It’s price noting that the token isn’t backed by the quantity mirrored within the metric. As one X consumer pointed out, the token is nugatory if you happen to can’t promote it.

Half A Million Stolen By Memecoin Scammer

Sadly for buyers, the creator didn’t use the freezing authority to spice up the token’s market cap. The scammer took benefit of the perform and stole practically half 1,000,000 {dollars} in BONKKILLER and SOL tokens.

The creator, who holds round 90.8% of the whole provide, eliminated 30,500 BONKILLER and 1,561 SOL, price round $420,000. In response to Birdeye information, the token is valued at $32.81 as of This writing.

Even after the neighborhood’s warning, some buyers continued to purchase the undertaking. Within the final 12 hours, buyers have spent practically $40,000 on the token. As some X customers identified, the false market cap may be deceptive inexperienced buyers into shopping for the memecoin.

Though it’s not the primary rip-off of this sort, the growing price of latest launches turning fraudulent appears alarming. As reported by NewsBTC, $27 million vanished during the last month after 12 tasks have been deserted by their creators.

In the end, this incident highlights the significance of thoughtfully researching a undertaking’s background and thoroughly deciding whether or not the potential of huge good points outweighs the dangers.

Crypto market cap

Complete crypto market cap is at $2.18 trillion within the three-day chart. Supply: TOTAL on TradingView

Featured Picture from Unsplash.com, Chart from TradingView.com

Disclaimer: The article is offered for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding selections. Use data offered on this web site totally at your personal threat.