Popcat and MEW tokens rally as Solana DEX volume flips Ethereum

In the world of dogs, Solana meme coins such as Popcat and Cat continued their uptrend as the total market capitalization rose to $11.38 billion.

Solana DEX volume is increasing rapidly

Popcat (POPCAT) was trading at $1.3220 on Monday, October 21, up 30,000% from this year’s low. This increase increased its market cap to $1.3 billion, making it Solana’s third-largest meme coin after Dogwifhat (WIF) and Bonk (BONK).

The cat in the dog world (MEW) rose to a record high of $0.01050, up 285% from its year-to-date low. Its valuation rose to $828 million, making it the fourth largest meme coin in the Solana ecosystem (SOL).

Other small meme coins such as Fwog, Goatseus Maximus, Michi and Maneki have also increased in the last few days.

This performance has translated into higher trading volumes on Solana’s decentralized exchanges, which now surpass Ethereum. Data from DeFi Llama shows that volume on Solana DEXs increased by 41% over the last seven days to $12.61 billion, while Ethereum DEXs processed $8.7 billion.

Raydium maintained its status as the largest Solana DEX with $7.6 billion in token volume. It was followed by Orca, Lifinity and Phoenix.

Solana also surpassed Ethereum in monthly volume, reaching $30.4 billion in October. Ethereum’s was $26.5 billion.

The same trend has continuously occurred in the futures market. Solana’s networks processed $4 billion worth of persistent transactions in the last seven days, while Ethereum had $2.83 billion. This month Solana’s network processed $12 billion worth of perpetual futures, compared to Ethereum’s $7.9 billion.

This strong performance is largely due to the popularity of Solana meme coins such as MEW and Popcat, which have led the recent gains.

Data from CoinCarp shows that these tokens have attracted more holders in recent months. Popcat’s ownership number increased from 68,300 on September 21 to 77,750. Similarly, Cat in the dog world has 178,200 owners.

Popcat price creates bullish pennant Popcat chart according to TradingView

The daily chart shows that the Popcat token has formed a bullish pennant chart formation characterized by a long flagpole and triangle formation. At the same time, it remains above the 50-day Exponential Moving Average.

The token may experience a strong rise as the triangle formation approaches the intersection. In such a case, the first target will be $1.5535, the highest point on record.

The cat in the dog world created a cup and handle MEW chart by TradingView

On the daily chart, MEW token showed a strong uptrend above the June 24 high of $0.0087 and saw the top of the cup and handle formation.

The cat in the dog world also broke above the 50-day moving average. More gains will be confirmed if it breaks above the all-time high of $0.01047.