Memecoin on Solana records new all-time high among altcoins
Popcat, a memecoin that operates on the Solana network, set a new historical record, standing out among the 100 cryptocurrencies and tokens with the highest market value. In the last seven days, the token has soared by more than 50%, reaching the $1.45 mark.
This upward movement began on October 4th, when Popcat registered a growth of 21.8%, followed by an increase of 15.17% on October 6th. This increase has to do with a general upward trend in the cryptocurrency market. The previous record, which was $1.07, was left behind on October 7th, when memecoin reached a peak of $1.48.
Despite a slight correction after this milestone, the asset remains in a price discovery process. Popcat is currently trading above the upper Bollinger band at $1,338, which indicates an overbought condition.
Experts point out that, in situations like this, a correction can be expected, as investors seek to take profits. However, in cases of prolonged uptrends, the price may continue to rise, remaining at a high level.
Solana memecoin soars
Other memecoins such as Shiba Inu, Floki and PEPE have also recorded significant gains over the past week, but none have matched Popcat's impressive performance. In the last 24 hours, memecoin rose 14.48%, surpassing competitors such as PEPE, with a 9.63% increase, and Shiba Inu, which rose 3.26%.
Only Dogwifhat, First Neiro and Mog Coin recorded superior performance in the period, but Popcat led weekly growth among the main assets.
Interest in Popcat is nothing new. In September, memecoin also led the weekly highs, and in July 2024, it entered the top 100 cryptocurrencies by market capitalization, reinforcing its relevance in the cryptocurrency universe. With a current market cap of $1.4 billion and a 24-hour trading volume of $155.8 million, Popcat confirms its growing appeal among investors.
This phenomenon not only reflects the popularity of memecoins, but also demonstrates how the crypto community can quickly boost the value of digital assets, especially those with viral appeal. The volatility of memecoins like Popcat, combined with the support of an active community, reveals the potential for exponential growth of these assets in the cryptocurrency ecosystem.