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Popcat, the latest Solana-based memecoin sensation, has crowned itself as one of the best-performing cryptocurrencies in the market. The memecoin has stolen the spotlight following its 117% surge throughout Q3, outperforming other well-established tokens in the sector.
The feline sensation has now consolidated as the first cat-themed memecoin to hit a $1 billion market capitalization, leading the market’s bullish run alongside tokens like Sei (SEI) and Worldcoin (WLD).
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POPCAT Hits $1 Billion Market Cap Status
Memecoins became the leading sector during this cycle, with many tokens outperforming most altcoins over the last few months. At the front of the frenzy, dog-themed tokens like dogwifhat (WIF) stole the spotlight during Q1 and Q2. However, a feline rival is challenging its spot as Solana’s best-performing memecoin.
Investors and market watchers have praised the cat-themed sensation’s performance over the past few months. Throughout Q3’s violent market retraces, POPCAT showed a remarkable performance, becoming the largest gainer among the top 100 cryptocurrencies several times.
The memecoin’s price quickly bounced from its 55% pullbacks during the market crashes, recovering and surpassing its previous level each time. POPCAT’s price has seen a 117% surge in the past three months, driving its price from the $0.68 mark to a new all-time high (ATH).
In the late hours of Tuesday, the cryptocurrency broke above the $0.97 resistance level set by its previous ATH. The memecoin continued its 21% jump towards the $1.08 level, its new ATH, before retracing to the $1.01-$1.02 price range.
The surge propelled POPCAT’s market capitalization to the $1 billion mark, cementing its status as the leading cat-themed token and making it the first memecoin in this sector to achieve it.
Following its remarkable rise, the token registers a 57.8% and 40.2% surge in the weekly and monthly timeframes. Its daily market activity also saw an 82% jump to a trading daily volume of $133.3 million in the last 24 hours.
Investors See Further Price Potential
Some crypto whales loaded their bags as POPCAT broke the $1 barrier. On Wednesday morning, on-chain data analytics firm Lookonchain revealed that a crypto investor recently repurchased the cat-themed sensation, suggesting that some investors feel positive about the token’s future performance.
Per the post, the whale spent 8,644 SOL, worth around $1.29 million, to buy 1.3 million POPCAT over the past two days. The address bought 456,000 tokens on Monday before acquiring another 843,000 POPCAT when the memecoin hit $1.
This whale had previously sold its POPCAT holding at a 45% loss over two months ago. The investor saw $611,000 in losses from selling its 1.69 million tokens.
However, before the long-awaited surge to $1, crypto investor Trade4ddict noted that the POPCAT’s consolidation under the key resistance level was a strong sign for its potential bull continuation.
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The trader considers that after “blowing off” the $1 resistance, the memecoin has “good chances” of pumping toward the $2 target. He also suggested that the previous high at $0.8 should offer some support before a potential correction.
As of this writing, the memecoin continues to hold the $1 support level, exchanging hands for $1.01.
Featured Image from Unsplash.com, Chart from TradingView.com
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