Popcat, WIF, and Polkadot are rising as investors buy the dip
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- 2024-08-08 18:59:20726browse
Cryptocurrencies mostly bounced back on Thursday as signs that investors were buying the dip increased. Popcat, a popular Solana meme coin, rose to $0.65
Cryptocurrencies mostly bounced back on Thursday as signs that investors were buying the dip increased. Among the best performers was Popcat, a Solana meme coin that rose to $0.65, marking a 134% gain from its lowest point this year.
Among the other tokens that performed well were WIF and Polkadot. Dogwifhat (WIF) rose for three consecutive days, reaching a high of $1.7245, significantly up from its lowest point this week of $1.08. Polkadot, a well-known layer 1 network, also performed well, reaching a high of $4.78.
Interestingly, these price movements shared a commonality, occurring after the three tokens formed a hammer pattern on Monday. A hammer is a bullish sign in technical analysis, characterized by a long lower shadow and a small body.
Furthermore, the rebound was accompanied by high trading volumes. According to CoinGecko, WIF had a 24-hour volume of over $1.46 billion, surpassing other popular meme coins such as Pepe, Shiba Inu, and Dogecoin. Despite being a smaller token, its volume was higher than the combined volumes of DOGE and SHIB.
Popcat also had a substantial 24-hour volume of $130 million, considering its market cap of over $600 million. Meanwhile, Polkadot had a 24-hour volume of $300 million.
These volume numbers suggest that some investors were indeed buying the dip, hoping for a continuation of Bitcoin’s broadening wedge pattern, which is one of the strongest bullish signs in the market when it works (as it did in March 2020). If it does, it bodes well for further bounces in other altcoins.
Binance inflows are rising, offering another sign of accumulation. According to the latest data, the biggest crypto exchange saw net inflows of $2.4 billion, largely in Tether (USDT) and USD Coin (USDC). Notably, Tether’s market cap soared to a record high of over $114 billion.
Since the market drop on August 5, #Binance has experienced a net inflow of $2.4B. This includes a net inflow of $1.33B in $USDT and $519M in $USDC. Some investors appear confident in the market and are buying the dip. pic.twitter.com/hBKmXDKSEa
Other exchanges, including OKX and Bybit, also saw some inflows over the past few days. Similarly, the spot ETF market has seen inflows this year, especially into spot Bitcoin ETFs.
One of the investors that are likely buying the dip is Cumberland, which received 373 million USDT from the Tether Treasury and moved it to exchanges such as Coinbase, Kraken, and OKX, indicating that these investors are indeed buying.
It's worth noting that there is still a risk that the ongoing price movement in Popcat, WIF, and Polkadot might be part of a dead cat bounce. Additionally, analysts caution that the unwinding of the Japanese yen carry trade will be slow and may cause further damage in the market.
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