Popcat: The Meme Coin That Hit $1.2 Billion Market Valuation in a Week
- Barbara StreisandOriginal
- 2024-10-06 18:00:22435browse
Popcat became this week's top meme gainer due to a huge increase in its future open interest and increased market optimism.
Popcat, the meme coin, saw its market valuation hit $1.2 billion, making it the top meme gainer this week. The coin's future open interest and market optimism both surged.
While it's uncertain whether the meme coin can sustain this level, data from CoinMarketCap shows that community sentiment is positive. The meme is trading at $1.22, up 4 cents from its high and down from a market valuation of $1.2 billion.
Popcat's price rose by over one-third in a week, hitting a new all-time high of $1.26 on October 5.
The Solana-based cryptocurrency also saw gains of 110% over the last month, making it the second-biggest gainer among the top 100 cryptocurrencies.
Solana-based meme assets have seen a rise over Ethereum-based assets, which can be attributed to several factors. Firstly, the Solana blockchain is known for its low fees and fast transaction execution times. This makes it very attractive for meme coin developers who are looking for a high-performance platform.
Moreover, the Solana ecosystem seems to have capitalized on the growing public interest in pet-themed meme coins more effectively, as it has catered to this demand. Investors are seen turning to Solana meme coins over Ethereum tokens, like Floki and Shiba Inu, respectively. One of the key bullish points for Popcat is its highly decentralized ownership, with large holders controlling only 17% of the total supply, as per data from CoinCarp.
The meme coin has also gained popularity due to its lower susceptibility to manipulation by "whale" traders, which creates a more stable and fair trading environment, according to the meme community.
The creator of the Popcat meme coin remains anonymous, but the token gained traction from the meme featuring Oatmeal the cat chirping at a bug. The video, which showed Oatmeal opening and closing its mouth in quick succession, was later turned into a GIF.
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