Tag Archives: Top 10 Memecoins

Bitcoin

Analyst Warns Of A POPCAT Correction Following 230% Surge

Leave a comment

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.

Associated Studying

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.”

Associated Studying

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

GameStop Stock And Wolverine Memecoins Explode As Roaring Kitty Returns To The Spotlight

GameStop, the online game retailer that took Wall Avenue by storm in 2021, has as soon as once more grow to be the speak of the city as its share value surges 100%. 

Fueling this rally is the return of the influential social media determine Keith Gill’s “Roaring Kitty.” After a protracted hiatus, Roaring Kitty’s current exercise on social platforms, together with a picture and video, has ignited pleasure amongst traders and triggered a renewed frenzy for GameStop’s meme inventory and the rising world of memecoins. 

GameStop Memestock Frenzy

The meme-stock phenomenon gained widespread consideration in 2021 when cash-rich traders pumped up the inventory market and wager in opposition to short-selling hedge funds. 

Keith Gill’s “TheRoaringKitty” account and the subreddit “WallStreetBets” performed a pivotal position within the meme inventory frenzy, driving shares like GameStop and AMC Leisure to surge over 1,000% by the top of the identical 12 months. 

Whereas some early traders reaped wealthy returns, hedge funds equivalent to Gabe Plotkin’s Melvin Capital Administration suffered vital losses, resulting in closures.

Associated Studying

In accordance to Bloomberg, brief sellers betting in opposition to GameStop initially loved good points within the 12 months’s first 4 months. Nonetheless, the unstable nature of meme shares rapidly erased these paper good points. Per the report, “skeptics” have been up an estimated $400 million from January to April earlier than slipping into the pink by Monday morning.

The proportion of GameStop shares bought brief relative to these accessible for buying and selling has remained at roughly 24%, a comparatively excessive stage for a typical firm however considerably decrease than the 140% ranges witnessed throughout the 2021 mania. 

As GameStop’s shares gained momentum, the associated fee to wager in opposition to the corporate elevated. Current information from S3 signifies borrowing prices exceeding a ten% annual financing charge vary.

Roaring Kitty’s Ripple Impact

Roaring Kitty’s affect prolonged past GameStop, as Wolverine-themed memecoins flooded numerous blockchains. In response to a social media put up that includes a video of Marvel superhero Wolverine, greater than 30 new tokens have been launched on platforms like Ethereum and Solana, as information by Dextools exhibits. 

Notably, the newly minted “Roaring Wolverine” token on the Ethereum blockchain skilled an astonishing 80% surge inside hours of its launch.

Associated Studying

Moreover, the memecoin market has witnessed a notable resurgence, with tokens equivalent to Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk Inu (BONK) recording vital good points, in accordance with CoinGecko information. 

For example, PEPE, the market chief, surged by 15% up to now 24 hours, complementing its 20% uptrend over the earlier week. It reached a brand new excessive of $0.00001077 throughout early Monday buying and selling.

GameStop
The 1-D chart exhibits PEPE’s value surge. Supply: PEPEUSD on TradingView.com

Finally, GameStop’s meme inventory resurgence, fueled by the return of Roaring Kitty, inflicted substantial losses on brief sellers of the meme inventory on Monday. 

The impression of Roaring Kitty’s social media presence has prolonged to the memecoin market, with a number of Wolverine-themed tokens experiencing vital surges. 

Featured picture from Shutterstock, chart from TradingView.com