Solana (CRYPTO: SOL) meme coin Popcat (CRYPTO: POPCAT) is showing strength, prompting traders to predict more outperformance in the near term.
What Happened: Crypto trader Altcoin Sherpa shared his forecast for Popcat, suggesting that the meme coin could witness a significant uptick in value within a week, or even just a few days. The crypto analyst also indicated that this bullish run would not be limited to POPCAT alone.
He stated, "all cat beta is going to full send. This includes the small caps, mid-caps, etc." This implies a broader market movement among cryptocurrencies associated with the 'cat' theme.
Sherpa added, "Cats have some catch up to dogs this cycle and I'm accumulating a bunch of them." This implies a potential shift in the crypto market, with 'cat' themed cryptocurrencies possibly gaining ground over their 'dog' themed counterparts.
Crypto trader Scient termed Popcat as the most bullish chart in all cryptocurrencies. He predicts that a hold above the red line will lead to a 30% breakout and a drop below it will show a 30% correction.
$POPCAT, Probably the most bullish chart in all of crypto rn.
— Scient (@Crypto_Scient) October 4, 2024
• Hold above the red line, and we will see another 30% pop soon.
• Lose the red line, and we see a 30% correction.
I am in from 0.4 so I would want it to go up xD pic.twitter.com/T0qCDkMQTF
Also Read: 'Meme Coin Supercycle' Means 13 Out Of Top 20 Outperforming Tokens Are Memes: Will Shiba, Dogecoin Be First To Reach $100B?
Why It Matters: With a rapid surge of around 78% in one month, Popcat's valuation has crossed $1 billion mark and now ranks seventh on the meme coin board. Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) have underperformed the new star, with one-month gains of 11% and 31%, respectively.
Trader Freddie Strom compared Dogwifhat (CRYPTO: WIF) and Popcat, saying that WIF surged more than 300% after its market capitalization crossed $1 billion and Popcat could follow a similar path.
Coingecko data shows the valuation of cat-themed meme coins crossing the $3 billion mark, with a 7% increase over the past 24 hours. The top three meme coins include Popcat, Mog Coin (CRYPTO: MOG) and cat in a dogs world (CRYPTO: MEW) currently reporting gains above 10% in past 24 hours.
What's Next: The influence of meme coins is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
- Could PEPE, WIF, And POPCAT Outshine Shiba Inu And Dogecoin In The Next Meme Coin Rally?
Image: Shutterstock