Popcat hits all-time high flipping Bonk and Floki

Popcat reached an all-time high, surpassing popular meme coins such as Bonk and Floki, driven by the rise in open interest in futures.

Popcat (POPCAT) increased by 17.8% in the past day, changing hands at $1.66 at the time of writing. The price of the Meme coin has also gained 80.3% in the last 30 days, with its market value rising from $457 million in September to $1.61 billion.

POPCAT’s price increase coincided with a jump in futures open interest from $46.91 million in early September to an all-time high of $274.8 million.

Meanwhile, a community member on X observed that several whale wallets have been accumulating memecoins recently. While highlighting at least three whale wallets that collected a significant amount of tokens in the last 24 hours, one whale was found to be selling BONK in exchange for POPCAT.

This rise occurred alongside an increase in meme coin outflows from centralized exchanges, as previously reported by crypto.news. Typically, such breakouts are seen as a bullish signal, indicating that investors prefer to hold their tokens for a longer period of time rather than entering into short-term trades.

All these factors helped the cat-themed meme coin become one of the top earners among the top 100 cryptocurrencies, surpassing popular dog-themed meme coins Bonk (BONK) and Floki (FLOKI) in terms of market cap on October 24. Data from CoinGecko.

While BONK, which has fallen in the last 7 days, sits with a market value of $1.56 billion, FLOKI, the memecoin on Ethereum, dropped by 0.8% in the past day with a market value of $1.4 billion.

On the 1D POPCAT/USDT chart, the Moving Average Convergence Divergence indicator is showing a bullish crossover; The MACD line (blue) is crossing over the signal line (orange), signaling potential sustainable bullish momentum.

POPCAT price MACD and ADX chart — October 24 | Source: crypto.news

The Average Directional Index at 37.48 confirms that the current trend is strong and the price may move higher.

Meanwhile, analysts remain optimistic about Popcat’s short-term prospects.

According to pseudo-anonymous market analyst Bluntz, Popcat recently broke out of an ascending channel. A break of this pattern is a strong signal that the price increase is continuing; as this is indicative of sustained buying pressure overcoming previous resistance in the channel.

A trader using the pseudonym NW CRYPTO predicted that the meme coin could face resistance at $0.2768, approximately 18.7% above the current price level. According to them, if the bulls successfully push the price beyond this resistance, the next targets could be $0.7416 and $1.4926.