Popcat Meme Coin Surges 117% Since July 11, Attracting Retail Traders
- WBOYOriginal
- 2024-07-21 21:07:21575browse
The Solana meme coin released some time ago suddenly attracted attention of retail traders, surging 117% since July 11.
A Solana meme coin that was released some time ago has suddenly attracted the attention of retail traders, surging 117% since July 111. However, there is some silver lining that not many are aware of.
A wager on Polymarket surfaced in 2024 regarding the first cat-themed meme coin to hit $1 billion in market capitalization. With an all-time high (ATH) of almost $800 million, Mew was leading the race in April. But the decline of the token was brought about by bad press created by certain influencers who made claims that the token was VC-backed and promoted it in questionable ways. Ansem and other influencers allegedly made over $250,000 by promoting the token.
As MEW faltered, MOG and Popcat began to gain momentum. Recently, a Popcat bettor decided to take matters into their own hands. As Popcat approached $1, this person bet on the token by purchasing $300,000 worth of tokens at 96-98 cents, which drove the DEX price up to $1.0466. This move, which was part of a larger wager that had $4 million pooled in it, ultimately caused other players who were betting against Popcat to lose.
This price surge, which is a common occurrence with Solana-based assets, has attracted the attention of retail traders, especially considering that POPCAT has surged by 117% since July 11. A price increase of this magnitude has usually had a high chance of leading to a correction, where better entry points might be available in the future. While Popcat gained popularity as a result of this surge, it is important to be aware of the market's volatility and potential for manipulation.
In order to win the larger wager, the person who made the large purchase had to risk losing between $10,000 and $15,000.
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