POPCAT Soars as Binance Launches New Perpetual Contracts

• A whale withdrew 39,816 SOL from Binance to buy 10M POPCAT, highlighting growing interest in the token.
• POPCAT has established its position as the largest cat-themed token, surpassing its competitor MEW in market cap.

Particularly among whales, Binance’s recent announcement on the release of POPCAT perpetual contracts has attracted a lot of attention in the crypto market.

Notably, a whale withdrew a significant 39,816 SOL, worth around $5.73 million, from Binance to buy 10 million POPCAT tokens, according to Lookonchain. This deal alone highlights the increasing excitement around this cat-themed meme token, which has achieved amazing increases in a short period.

Crazy buying of $POPCAT!

After #Binance announced the launch of $POPCAT perpetual contracts, a whale withdrew 39,816 $SOL($5.73M) from #Binance to buy 10M $POPCAT!https://t.co/smN6cNogIo pic.twitter.com/E3zMHy6Qoh

— Lookonchain (@lookonchain) August 22, 2024

POPCAT Momentum Reflects Market Excitement as Trading Volume Surges 

POPCAT’s pricing action has mirrored the buzz about it. The token’s price at the time of writing has increased 35.42% over the last 24 hours to reach $0.6189.

Along with this huge rise in value, trading volume has surged by 211% to $175.53 million. Moreover, the market cap of the token has exceeded $600 million, therefore reinforcing its place in the market.

The strong performance of POPCAT has made it the top cat-themed token, overtaking its rival MEW with a market capitalization of about $439.34 million. Particularly among those with feline themes, this change in the ranks emphasizes POPCAT’s increasing supremacy in the meme token market.

POPCAT had been aiming for a price of $1 as its all-time high before its fall on August 5. Given the present rebound, this target is once again within the view of those who support and invest in the token since they are hopeful about its future possibilities.

Particularly while the market is going through what many are referring to as an altcoin season, POPCAT’s huge increase in value since the beginning of the year—which now totals over 3,700%—has been evidence of its durability and wider interest in meme tokens.

On the other hand, a prior CNF report shows that the top token in the meme coin sector, Dogecoin (DOGE), has seen a 32% rise in key metrics. From its present value, an analyst has even projected that Dogecoin would grow fivefold, maybe attaining a new support level at $0.6.