POPCAT flips FLOKI after hitting new ATH

In a remarkable turn of events, the POPCAT price has surged to new heights, achieving an all-time high (ATH) of $1.67, flipping its long-term competitor FLOKI.

This meteoric rise has cemented POPCAT’s position as the third-largest meme coin in the Solana ecosystem, right behind Dogwifhat (WIF) and Bonk (BONK), quickly becoming one of the best-performing cryptocurrencies of the year.

Why is the POPCAT price rising?

Despite slightly pulling back to around $1.54 at press time, the past three consecutive days have seen POPCAT’s price skyrocket by over 17%, bringing its market capitalization to over $1.5 billion, up significantly from just $457 million in September.

This surge in value has been fueled by a substantial increase in interest from investors, evidenced by the rise in the number of holders, which has grown from a low of 65,000 to over 77,700.

Interestingly, the top ten wallets hold only about 21% of the total supply according to data from HolderScan, indicating a healthy distribution among investors.

Another key factor behind the recent POPCAT price rally is the significant increase in its futures open interest, which has reached a record high of $277 million before dropping to $237.95 million at press time.

This marks a dramatic rise from less than $20 million just a few months ago, highlighting increased demand among traders.

Source: Coinglass

Higher open interest is typically seen as a bullish signal, suggesting that many traders are betting on the coin’s continued growth.

Moreover, the trading volume for POPCAT has seen a substantial uptick, with over $146 million exchanged on Thursday by the time of writing, averaging over $120 million in recent weeks.

Most of this trading activity is concentrated on Bybit, with significant volumes also flowing through Gate.io, Raydium, and Orca.

This robust trading environment reflects a broader interest in POPCAT as investors move away from centralized exchanges, which is often viewed as a positive sign for future price stability.

The market dynamics are further illustrated by the sharp rise in shorts liquidations, which exceeded $720,550 compared to just $367,030 for bullish positions.

This suggests that many traders who bet against POPCAT have been forced to close their positions, indicating strong bullish sentiment driving the coin’s price upward.

Source: Coinglass

The rally of POPCAT has also coincided with a broader upswing in the Solana ecosystem, with other tokens like Cat in a Dogs World and GOAT rising by over 20%.

Additionally, Solana’s role in the decentralized exchange (DEX) industry has strengthened, with its seven-day trading volume soaring to over $14.724 billion, compared to $7.898 billion for Ethereum according to DefiLlama data.

As POPCAT continues to gain traction, analysts remain optimistic about its short-term prospects.

Should the price break through key resistance levels, the next targets could be set at $0.7416 and $1.4926, marking a thrilling chapter in the ongoing saga of cryptocurrency investment.

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