Throughout September, the cat-themed memecoin, Popcat [POPCAT], has demonstrated exceptional performance compared to its counterparts in the market.
With a remarkable surge of +120% over the last 30 days, Popcat has overshadowed other memecoins in its sector, including dogwifhat [WIF], which previously held a dominant position in the market during the first half of 2024.
As a result, there is a growing belief among community members that POPCAT could sustain its momentum amidst renewed speculative interest and potentially outshine Floki [FLOKI].
Could Popcat Overthrow Floki?
Andrew Kang from Mechanism Capital highlighted that POPCAT has been among the prime beneficiaries of the recent capital influx into memecoins, stating,
“Popcat appears to be reaping the benefits of these capital flows and is now positioned for significant growth, potentially joining the likes of BONK, WIF, PEPE, and FLOKI in this market cycle.”
Similarly, Joshua Kang, the head of trading at Mozaik Capital, expressed confidence in Popcat’s ability to surpass FLOKI, stating,
“Popcat is primed to overtake Floki.”
Notably, Popcat garnered substantial momentum during the market rebound in September, becoming the first altcoin to achieve a new all-time high during that period.
Furthermore, with increased market exposure for Popcat on Binance, Kang suggested that POPCAT could emerge as the ‘DOGE of CAT,’ resonating strongly with investors and outperforming its competitors in the sector.
The memecoin sector has consistently been the standout performer this year, a narrative that, according to analyst Murad Mahmudov, could continue well into 2025.
Currently, Popcat holds the position of the 7th largest memecoin by market capitalization, just slightly below FLOKI. Popcat’s recent surge has propelled its market valuation past the billion-dollar mark, standing at $1.18 billion, while FLOKI holds at $1.26 billion.
Recent data from Coinglass over the weekend indicated that Popcat outperformed FLOKI in terms of trading volume and open interest rates, signaling a higher level of speculative interest in Popcat. If this trend persists, Popcat could potentially overtake Floki in market dominance.
As of the latest updates, Popcat is currently valued at $1.2 and is experiencing a phase of price discovery. Key levels to monitor in the short term are $1.1 and $1.4.