Here’s why Popcat rules the 7-day charts

The seven-day chart wasn’t exactly a catastrophe for major crypto assets on Wednesday, but most major coins were in the red. This included a 3% drop for Bitcoin following a sudden drop in open interest for BTC futures among institutional crypto investors.

Meanwhile, Popcat showed particular strength among meme coins. Most blue chip memes fell during the week, including Dogecoin (-6%), Pepe (-2%), and Bonk (-2%). But Popcat posted a stunning weekly gain of 52% by midday Chicago time on Wednesday.

Here’s why Popcat’s price popped over the past week.

Why Popcat outperformed the 7D price leaders on Wednesday

Among other ongoing supports for Popcat’s price, including its large market cap (over $600 million this week), high liquidity, and a strong meme community, Binance recently offered a crypto derivatives product for to Solana the cat meme coin. The exchange announced the new Popcat product a week ago on Thursday, August 22nd.

For the gross degenerates who don’t find 52% weekly price gains in a meme coin exciting enough, Binance listed Popcat-USDT perpetual futures contracts with up to 75x leverage on their menu.

The company also listed futures contracts for Tron’s SUN tokens at the same time, helping the $300 million government and utility token soar 91% on the charts, according to data from CoinMarketCap.

Lookonchain spotted a whale-sized $5 million Popcat purchase using SOL tokens on August 22. This probably swelled the waters for the Popcat crowd.

Layer 1 Solana Support for Popcat

Solana was the only crypt in the top 10 to hold for the week ending Wednesday. So, this could have been why the crypto markets rewarded one of their leading meme coins with massive gains.

Over the past year, enthusiasm for competing meme coins from Solana and Ethereum has been unstoppable. This was made clear enough by Bonk’s market-beating rally in the fourth quarter. Bonk is Solana’s answer to Ethereum’s Shiba Inu.

It posted over 7,000% ROI for 2023, according to CoinGecko data, and was the leading crypto of the year by that metric. But Pepe did warn last year that the dog days are over. Popcat delivered the highest ROI of all the major meme coins in the first quarter of this year. This week’s performance shows that the big cats market has the fever to keep pumping in the third quarter.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!