The meme-based cryptocurrency Popcat [POPCAT], which runs on the Solana blockchain, has witnessed remarkable growth in recent weeks. It has emerged as the top-performing meme coin, outpacing its competitors who have seen declines in their weekly performance.
Popcat Achieves a Record High
Within the last 24 hours, Popcat marked a new all-time high, surpassing the $1.4 milestone. During this period, the token peaked at $1.47 and currently trades at $1.45. This surge represents a 53.07% increase on a weekly basis and a 20.00% uptick in daily trading.
Moreover, Popcat has shown an impressive gain of 185.86% on monthly charts, solidifying its position as the top-earning meme coin.
With such significant growth, it raises curiosity about the underlying factors propelling Popcat’s surge.
Drivers of the Surge
One of the key drivers behind Popcat’s rally is the sudden surge in futures open interest. Data from Coinglass indicates a 23.51% increase in open interest, climbing to $234.9 million.
This surge in open interest from $121.5 million to $237.1 million signals growing investor confidence in the token’s trajectory, leading them to take new positions.
Further fueling the surge is the heightened market optimism reflected in increased trading activity, with Popcat’s volume spiking by 93% to $1.06 billion.
What’s in Store for Popcat?
Popcat is currently riding a wave of positive market sentiment and increased favorability.
This positivity is reinforced by the uptick in demand for long positions, evidenced by a positive funding rate. This trend suggests that investors anticipate more gains and are increasingly opting for long positions.
Moreover, Popcat’s OI-weighted funding rate has predominantly stayed positive over the past week, further supporting the demand for long positions.
Investors are willing to pay a premium to holders of short positions to maintain their trades, signaling strong bullish sentiment.
Given the current market conditions, if they persist, Popcat is poised to reach a new high of $1.6 in the near future.