The Solana meme coin has had a phenomenal run in the past year. Popcat (POPCAT), one of the most successful cryptocurrencies at the moment, has risen 31% over the past 24 hours. It also grew 23.6% in the previous week.
The red glow of the meme coin is still visible in other charts, with a fall of 0.8% on the 14-day chart and a 25.5% drop in the monthly charts.
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Popcat Rally Factors
Why does POPCAT Rally exist?
Binance could be responsible for the recent price increase of Solana’s meme coin. Binance announced the POPCAT/USDT pair, followed shortly by KuCoin.
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LookOnChain data shows that a whale purchased ten million Popcat tokens after Binance announced its announcement. The exchange had reported a withdrawal of $5.73 Million worth of Solana.
Can the Meme Coin Reach a New All-Time High Level?
POPCAT has fallen 38.6% since its highest point of $0.99 on July 21st, 2024. This was about one month ago. It was a meme coin that had made it into the 100 top projects by market value last month. However, since then the coin has fallen to the 122nd spot.
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Researchers at CoinCodex paint a bullish image for the Solana meme coin. Platform analysts predict the coin will surpass the $1 threshold by September 7, 2024. This would be a record high.
CoinCodex projects that meme coins will keep on rising throughout the month of September. They are expected to reach $1.99 in 2024. To reach $1.99, a rise of 237.29% would be required.
POPCAT can continue its rally if there is a positive investor sentiment in the market. next Few weeks.
The meme coin’s price may drop if we experience a correction in the market and Bitcoin (BTC), enters a new slump. What the asset does over the next Few weeks remain to be seen.
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Source: watcher.guru