The digital asset WIF has managed to hold steady at the $2 mark, experiencing a 4% surge within the last 24 hours amidst the volatile market conditions influenced by Bitcoin’s struggle to stay above $64K.
Concurrently, POPCAT briefly touched a market cap of $1 billion before retracting to $968 million as the $1 threshold was not sustained by bullish momentum. Despite WIF currently taking the lead, there are observations by CryptoCrypto indicating that POPCAT is gaining ground.
With analysts anticipating a potentially bullish trend in Bitcoin during “Uptober,” the question arises: which meme coin on the Solana network will pave the way for the upcoming market cycle?
Narrowing Gap Between The Two Projects
Following a period of stagnation since late August, WIF displayed a notable resurgence mid-September, posting a 45% surge to reach $2.15 on the daily chart.
In contrast, POPCAT mirrored Bitcoin’s movements from early September, skyrocketing by 102% to $1.0194 at present. Noteworthy is POPCAT’s resilience in times of market volatility, achieving an all-time high of $1.0768 on September 25th.
Nevertheless, POPCAT now finds itself at a critical support level. Failure by the bulls to maintain this position could trigger a decline towards $0.38. Conversely, a fresh surge could propel the meme coin to a new peak.
Similarly, WIF has shown a significant growth trajectory, witnessing a 20% price increase over the past three days, evident in the extended green candles on the daily chart. Nonetheless,
The Twist in the Tale
According to CryptoCrypto’s analysis, the recent upsurge in WIF’s value can be attributed to a calculated move by spot traders who are accumulating positions aggressively to squeeze out the large number of short sellers.
While this development signals a bullish trend, the situation might reverse if these traders decide to transition towards profit-taking, a scenario that is becoming increasingly likely.
Since hitting a low of $1.26 back in early August, WIF has witnessed a substantial outflow from exchanges amounting to $30M, presenting an attractive dip-buying opportunity.
Currently trading at $2.16, most of these early withdrawals have now turned into profits, putting WIF on the brink of a possible saturation point. This is evidenced by a recent surge in net inflows, reaching a three-month high of $15M. If this trend continues, a reversal might be on the horizon for WIF, possibly benefitting POPCAT in terms of liquidity.
The Decisive Journey Ahead for POPCAT
Historically, POPCAT’s price movements have closely followed those of WIF, barring the exceptional surge observed during early September, indicating a rising interest in the meme coin.
Further insights show that WIF’s trading volume has halved from its peak of $1 billion in August, while POPCAT witnessed an increase from $104 million to $127 million the subsequent day.
In summary, POPCAT seems to be setting its sights on surpassing WIF. If WIF shows signs of weakness – as seems probable – POPCAT stands a good chance to capitalize on this opportunity.
This aspiration could be further solidified if the $1 support level is maintained by the bulls, with a keen eye on WIF’s trading activities.