POPCAT [POPCAT], the memecoin based on Solana, has been showing impressive momentum lately, with a substantial double-digit surge pushing it closer to BONK.
Analysts are now speculating that POPCAT may outshine BONK by the end of Q4, riding the wave of the current market cycle that has brought many memecoins into the limelight.
The buzz around a potential listing on Binance is seen as a crucial factor that could propel POPCAT towards achieving a 1:1 ratio with WIF before WIF embarks on its next significant rise.
Exploring the Significance of $2 for POPCAT
BONK, currently the fifth-largest memecoin, has experienced a decline in its market cap by over 2%, while POPCAT has been narrowing the gap with a market cap of $1.4 billion after a notable 4% increase.
If this trend persists over the next 60 days, there is a possibility for POPCAT to edge closer to $2, positioning it ahead of BONK in terms of market cap.
Intriguingly, while BONK began October with a bearish tone, showing higher lows, POPCAT has defied expectations by consistently outperforming this trend, recording daily gains of over 10% and challenging its previous all-time high.
This shift highlights how POPCAT is emerging as a strong contender against dog-themed coins, whose dominance has diminished with the entry of Solana memecoins into the market.
As highlighted earlier, reaching $2 is a critical milestone for POPCAT. Despite showing promising market statistics, several key factors need to align for this target to be achieved.
A bullish MACD crossover indicates a potential surge in activity in the days ahead, often a signal of a market bottom being reached.
However, a significant drop of over 30% in trading volume over the last 24 hours suggests a bearish sentiment prevailing in the market, driven by BTC’s downward movement, causing concern among traders.
Moreover, an RSI approaching overbought levels could further complicate matters, indicating a potential overheated market. With POPCAT recently hitting an all-time high of $1.48, traders might contemplate exiting the cycle, especially as BTC dips below $63K.
Consequently, a short-term price correction for POPCAT may be on the horizon before it can aim for $2. According to CryptoCrypto, a retracement to $1.42 could present a healthy opportunity for weak holders to exit, paving the way for new buyers to enter the market.
The memecoin with a feline theme surged nearly 30% following the launch of its perpetual contract on Binance, building on the double-digit gains seen after its listing on Kraken in mid-September.
The excitement surrounding a potential spot listing on Binance is expected to generate substantial hype on social media – a crucial indicator for price movements, especially for memecoins.
Hence, spot traders are already viewing the current price as an attractive “dip,” anticipating significant gains in the future.
While a retracement could be inevitable given the current market conditions, the influx of traders entering an accumulation phase signals a bullish trend, keeping the $2 target well within reach.
All in all, POPCAT seems poised to overtake BONK as the fifth-largest memecoin on the charts.
Various factors lend support to this projection, such as consistent daily gains, resistance levels transitioning to support, bullish resilience during market downturns, and enticing developments attracting traders for potential high returns.
This convergence of factors suggests that POPCAT is on track to hit $2 and outperform BONK before the end of the Q4 cycle.