Since September, the cat-themed memecoin Popcat [POPCAT] has demonstrated exceptional performance compared to its counterparts. Over the past 30 days, it has soared by +120%, surpassing other memecoins in the market, including dogwifhat [WIF], which held the top spot in the first half of 2024.
Currently, there is a growing belief within the community that POPCAT could maintain its momentum amid renewed speculative interest and potentially outshine Floki [FLOKI].
Can Popcat Outperform Floki?
According to Andrew Kang from Mechanism Capital, POPCAT has been one of the major beneficiaries of recent capital inflows into memecoins. He remarked,
“Popcat appears to be capitalizing on these flows and is now entering a phase of price discovery. It is poised to join the ranks of the top performers in this market cycle – BONK, WIF, PEPE, FLOKI.”
Joshua Kang, the head of trading at Mozaik Capital, expressed confidence in POPCAT’s potential to surpass FLOKI.
“Popcat is poised to overtake Floki.”
Popcat demonstrated remarkable momentum during the market rebound in September and was the first altcoin to achieve a new all-time high during that period.
With increased trading activity for Popcat on Binance, Kang suggested that POPCAT could be the standout performer in the memecoin sector, being dubbed as the ‘DOGE of CAT’.
The memecoin sector has been the top-performing narrative year-to-date. Analyst Murad Mahmudov believes that the sector’s dominance could extend well into 2025.
As of now, POPCAT holds the 7th position among memecoins by market capitalization, just shy of FLOKI. POPCAT’s recent surge has propelled it past the billion-dollar mark, with a market capitalization of $1.18 billion, slightly under FLOKI’s $1.26 billion capitalization.
Recent data from Coinglass over the weekend indicated that POPCAT had surpassed FLOKI in terms of trading volume and open interest rates. This signals higher speculative interest in POPCAT over FLOKI, possibly resulting in a shift in rankings.
At the present moment, POPCAT is priced at $1.2 and is in a phase of price discovery. Key levels to monitor in the short term are $1.1 and $1.4.