POPCAT, a memecoin built on the Solana [SOL] blockchain, has experienced a notable 20% upswing in just 7 trading sessions, reaching $0.6633 at the current moment. The impending listing of POPCAT on Kraken, recently announced on X (formerly Twitter), coincides with the outcome of the FOMC rate cut decision. As a result, there is a strong possibility that this listing will enhance the visibility and value of POPCAT.
The upcoming integration of POPCAT on Kraken raises an intriguing question – Could this listing act as a catalyst for propelling POPCAT to its next record high?
Past Listings: a Boost for POPCAT
Historically, POPCAT has been featured on exchanges like KuCoin, Bybit, and OKX. While listings typically facilitate the matching of buy and sell orders, the significant impact on price action cannot be overlooked.
For instance, Bybit, the 4th largest spot exchange handling a daily volume of $4 billion, included POPCAT on its platform on 21 June. Just before the listing, POPCAT had tested a support level of $0.22235. Despite facing bearish pressure, the token surged to $0.60 within a week.
During the same period, Bitcoin witnessed a substantial downturn, slipping below $60k, having previously flirted with the $70k mark. Despite this overall market volatility, POPCAT experienced a remarkable 160% surge post-Bybit listing, almost touching the $1 threshold, with a closing price of $0.99997 within a month.
Another notable example was Binance launching POPCAT on its Futures platform. This move led to a price spike from $0.58 to $0.75 in just a span of three days.
Concurrently, the Open Interest (OI) surged from $2.40M to $14.85M in 20 days, marking a remarkable 518% increase. The total OI also rose from $38M to $62.44M during this period.
Despite an evident interest from Futures traders, akin to the peak seen in July, the impact on price was less pronounced this time around.
With the anticipation surrounding Kraken’s listing, the question looms whether it can propel POPCAT to the coveted $1 mark, or if volatility will impede its upward trajectory.
Only Time will Unveil the Outcome
Despite the positive news of Kraken’s integration, POPCAT remains susceptible to the fluctuations of Bitcoin, as demonstrated by its decline in late August. Given that memecoins heavily rely on community backing, their social engagement metrics play a pivotal role.
Following a lukewarm start to September, the social volume around POPCAT has surged, showcasing the impact of recent announcements. The current volume level is approaching that seen in early July and is in line with a 12% rise from the previous day’s closing level.
It is crucial to note that the timing of POPCAT’s listing is equally significant, aligning with the FOMC meeting schedule. Whether by sheer chance or deliberate planning, stakeholders will closely monitor both events, as they could dictate POPCAT’s trajectory.
At this juncture, the $0.70 mark holds immense importance. If this level is tested, it could enhance the probability of POPCAT reaching $1, contingent on the unfolding of these concurrent events.