Dogwifhat and Popcat: Solana-Based Meme Coins Surge Amid Bitcoin Price Rebound
- 王林Original
- 2024-08-07 21:08:18662browse
The cryptocurrency market has witnessed significant movements recently, with notable rebounds in Bitcoin and Solana, driving up the prices of several meme coins.
Several meme coins have experienced notable price surges recently, coinciding with the recovery of Bitcoin and Solana. Among them, Dogwifhat, a Solana-based meme coin, has seen a significant price increase.
Solana-based meme coin Dogwifhat price soared over 25% amid Bitcoin’s price rebound to the $57,000 mark on Tuesday.
Following Bitcoin’s recovery, Solana-based tokens, including meme coins like Dogwifhat and Popcat, have seen substantial price increases.
While major memecoins on other blockchains, such as Dogecoin and PEPE, experienced minimal gains of around 5%, smaller tokens like MUMU and CATDOG surged by 30%.
Solana network volumes soared to over $3.3 billion, with fees rising to $750,000 per day. Pump, a platform for issuing new memecoins on Solana, saw fees reach $535,000 in 24 hours.
Meanwhile, SOL price climbed 10.74%, trading above $150 during European morning hours, recovering from a low of $112 on Monday.
Anticipation builds for the launch of a SOL exchange-traded fund (ETF), with the CBOE’s recent filings to list potential spot Solana ETFs boosting confidence in SOL's mainstream adoption.
According to a senior analyst, the rapid rebound of SOL indicates renewed optimism within the broader crypto space.
Among the top 100 cryptocurrencies, another Solana-based meme coin, Popcat, has emerged as the top gainer, surging by 33% in 24 hours.
After hitting a two-month low of $0.2580, Popcat rebounded by 128% to trade at $0.5938, with the current price positioned above the lower Bollinger Band but below the upper band, indicating potential for further growth.
Despite the significant recovery, Popcat’s RSI value stood at 48.07, indicating a neutral outlook, suggesting that the coin is not yet overbought or oversold.
However, it is crucial to note that the trading volume plays a key role in this scenario. If the volume decreases while the price remains high, it could signal weakening momentum and a potential pullback.
The Directional Movement Index (DMI) also provided mixed signals, with the +DI line at 17.1423 and the -DI line at 26.4183. The Average Directional Index (ADX) was at 25.84, indicating a moderately strong trend.
While the +DI line suggests potential bullish momentum, the higher -DI value indicates possible bearish pressure. Hence, traders are advised to remain vigilant for any signs of a potential reversal, as the mixed technical indicators warrant caution despite the current rally.
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