POPCAT, DOGS soar as Bitcoin reclaims $56k

As Bitcoin’s price rose above $56,000, Popcat and Dogs became the two most valued tokens among the top 100 cryptocurrencies by market cap.

At press time, meme coins Popcat (POPCAT) and Dogs (DOGS) are trading at $0.62 and $0.0011, with 24-hour gains of 19% and 16%, respectively. Meanwhile, bullish momentum has pushed Bitcoin (BTC) price above $56,500 as bulls struggle to recover from the decline that saw the leading digital asset trade close to $53,300 on Sep. 7.

Futures listing helps POPCAT and DOGS rise

Most meme coins have struggled to gain bullish momentum in recent weeks, primarily due to the downward pressure the broader market has experienced throughout August.

However, like many other small-cap tokens, Solana (SOL)-based Popcat and Telegram-anchored Dogs have benefited from an influx of positive sentiment following significant futures support on major exchanges.

Binance recently added POPCAT perpetual contracts, allowing traders to bet on the price of the meme coin. This move caused the price of Popcat to increase significantly. OKX also added POPCAT futures and outlined a trading contest offering up to $100 in prizes.

DOGS, which has been losing value following the recent arrest of Telegram CEO Pavel Durov, has recouped some of its losses after falling to $0.0009 on September 8. Previously, the Telegram-specific meme coin had rallied thanks to Binance offering 40 million DOGS in a contest that ends on September 17.

Some of the top exchanges that support the DOGS airdrop and token listing are Binance, OKX, and Bybit.

Bitcoin rose above $56,000

Bitcoin’s rise above $56,500 came after a jump in the Coinbase Premium Index, a metric that shows BTC being accumulated more by whales and institutional investors.

A recovery in U.S. demand could help bulls reposition for a stronger end to the fourth quarter, with CryptoQuant analysts seeing continued accumulation by long-term holders as key to a potential price bounce.

Bernstein analysts published a note on September 9 predicting that the price of BTC would rise to $80,000 to $90,000 if Donald Trump wins the US presidential election.

However, they suggested that a Kamala Harris win could trigger a downside move and push BTC to lows of $30,000. This divergence stems from the crypto industry’s perception of Trump as more crypto-friendly than Harris.