As a seasoned analyst with years of experience navigating the cryptocurrency market, I must say that the recent surge of Solana meme coins like Popcat and Cat in a dogs world has caught my attention. The meteoric rise of these tokens, particularly Popcat, which is up by an astounding 30,000% from its lowest level this year, is nothing short of remarkable.
The digital coins associated with the Solana platform, such as Popcat and Cat in a Dog’s World, have persisted in their upward trajectory, as their combined market capitalization surged to an impressive $11.38 billion.
Solana DEX volume soars
On Monday, October 21st, Popcat (POPCAT) was priced at $1.3220 – an impressive increase of 30,000% from its lowest point this year. This remarkable rise has elevated its market capitalization to a significant $1.3 billion, positioning it as the third-largest Solana meme coin after Dogwifhat (WIF) and Bonk (BONK).
Cat in a dogs world (MEW) rose to a record high of $0.01050, up by 285% from the year-to-date low. Its valuation has increased to $828 million, making it the fourth-largest meme coin in the Solana ecosystem (SOL).
Additionally, lesser-known meme tokens such as Fwog, Goatseus Maximus, Michi, and Maneki have experienced a rise over the past couple of days.
The improved performance has led to a significant increase in trading activity on Solana’s decentralized exchanges, surpassing those of Ethereum for the first time. According to DeFi Llama, the volume of transactions on Solana’s DEXes grew by 41% over the past week to reach $12.61 billion, compared to Ethereum’s DEXes which handled approximately $8.7 billion during the same period.
Raydium continued to lead as the largest Decentralized Exchange (DEX) on Solana, processing a massive $7.6 billion in token transactions. Coming in second, third, and fourth were Orca, Liquidify, and Phantom respectively.
As a researcher, I’m thrilled to note that in the month of October, Solana outpaced Ethereum in terms of monthly volume, registering an impressive figure of $30.4 billion, whereas Ethereum recorded $26.5 billion. This is an exciting development in the world of blockchain technology!
The same trend happened in the perpetual futures market. Solana’s networks handled perpetuals worth $4 billion in the last seven days, while Ethereum had $2.83 billion. This month, Solana’s network processed perpetual futures worth $12 billion compared to Ethereum’s $7.9 billion.
The impressive results are mainly attributed to the widespread appeal of meme tokens on the Solana platform such as MEW and Popcat, which have significantly contributed to the recent surge in value.
As an analyst, I’ve noticed a significant increase in the number of token holders for both Popcat and Cat in a Dogs World, according to data from CoinCarp. Specifically, as of now, Popcat boasts 77,750 holders, a jump from the 68,300 reported on September 21. Likewise, Cat in a Dogs World has seen its holder count surge to 178,200.
Popcat price has formed a bullish pennant
Today’s graph indicates that the Popcat token is exhibiting a bullish pennant formation, which features a lengthy flagpole and a triangular pattern. Moreover, it consistently hovers above its 50-day Exponential Moving Average.
The token could potentially surge significantly since the triangle formation is almost merging with key points. If it does, the first aim would be to reach $1.5535, which is its all-time high.
Cat in a dogs world formed a cup and handle
As a crypto investor, I’ve noticed an exciting development with the MEW token. Yesterday, it managed a robust bullish surge, breaking past its peak of $0.0087 hit on June 24, and piercing through the upper boundary of the cup and handle pattern we were watching. This could be a promising sign for potential growth in the near future.
In other words, the price of this cat-themed asset is now surpassing the 50-day moving average, indicating a positive trend. If it manages to go beyond its previous record high of $0.01047, that would be strong evidence of further price increases.
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2024-10-21 16:02