As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I’ve seen my fair share of market fluctuations and meme coin mania. The recent surge of Popcat (POPCAT) and Dogs (DOGS), two of the top-gaining tokens among the 100 largest cryptocurrencies by market cap, is a testament to the unpredictable nature of this space.
Among the 100 largest cryptocurrencies ranked by market capitalization, Popcat and Dogecoin have experienced significant growth as Bitcoin‘s value surpasses $56,000 once more.
At the moment of this writing, the meme coins Popcat (POPCAT) and Dogs (DOGS) were trading at $0.62 and $0.0011 respectively, marking a 19% increase for Popcat and a 16% rise for Dogs over the past 24 hours. Simultaneously, the upward trend had propelled Bitcoin (BTC) price beyond $56,500 as buyers were making efforts to regain ground after the dip that occurred on Sept. 7, pushing Bitcoin’s value close to $53,300 at that time.
Futures listing helps POPCAT, DOGS higher
Over the past few weeks, many meme-based cryptocurrencies have found it difficult to build positive trajectory, largely due to the overall crypto market trending downwards significantly during August.
In a similar manner to numerous other small-cap tokens, both Popcat (built on the Solana network) and the Dog tokens related to Telegram have gained traction due to an influx of favorable market sentiment. This surge in optimism has been significantly boosted by the provision of futures trading support across leading exchanges.
More recently, Binance has introduced perpetual contracts for the meme token POPCAT, enabling traders to speculate on its pricing movements. This decision seems to have sparked a substantial increase in Popcat’s value. Furthermore, OKX has also incorporated POPCAT futures and announced a trading competition offering rewards of up to $100.
Despite slipping during the arrest of Telegram CEO Pavel Durov, the value of Dogecoin (DOGS) has regained some ground since dropping to $0.0009 on September 8th. Earlier, DOGS had experienced a surge due to Binance’s offering of 40 million DOGS in a competition that concludes on September 17th, which fueled its rally.
Some leading platforms such as Binance, OKX, and Bybit are participating in the distribution of the DOGS airdrop and facilitating its token listing.
Bitcoin recovers above $56k
Bitcoin’s surge past $56,500 can be linked to a rise in the Coinbase Premium Index, suggesting an uptick in larger investors (whales and institutions) buying more Bitcoin.
An increase in U.S. demand could potentially allow investors (bulls) to adjust their positions, aiming for a robust finish to the final quarter of the year. The analysts at CryptoQuant believe that the ongoing accumulation by long-term holders is crucial for a possible price surge.
On September 9th, analysts from Bernstein published a forecast suggesting that Bitcoin’s price could potentially rise between $80,000 and $90,000, should Donald Trump secure victory in the U.S. presidential election.
As a crypto investor, I find myself pondering over the possibility that a victory for Kamala Harris might instigate a negative trend, potentially driving Bitcoin prices down to $30,000. This speculation stems from the crypto industry’s belief that Trump has been more favorable towards cryptocurrencies compared to Harris.
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2024-09-09 23:02