Popcat leads weekly gains with a 35% surge, open interest up 344%

Popcat has emerged as the top gainer this week, buoyed by improved trader sentiment and a notable increase in its futures open interest. The token rose over 35% in the past seven days, reaching a new all-time high of $1.26 on October 5. Most of these gains occurred within the last 24 hours, with the token climbing 20.6% from an intraday low of $0.98.

Based on Solana, Popcat has seen a remarkable 112% increase over the past month, making it the second-largest gainer among the top 100 cryptocurrencies, with a market cap exceeding $1.2 billion, according to CoinGecko.

A key bullish factor for Popcat is its widely distributed ownership, with large holders controlling only 17% of the total supply, as per CoinCarp data. In contrast, competitors like Bonk (BONK) and Shiba Inu (SHIB) have a more concentrated ownership, with the top 10 wallets holding 52% and 61% of their supplies, respectively. This distribution makes Popcat less susceptible to manipulation by “whales,” contributing to a more stable trading environment.

Bulls Remain in Control

Popcat’s futures open interest has surged by 344%, reaching a record $191.11 million, indicating that traders are heavily positioning for further price increases.

On the 1D POPCAT/USDT chart, the recent price action has pushed the token above the upper Bollinger Band, currently at $1.865, confirming strong upward momentum. However, this also suggests that the token has entered an overbought zone, as indicated by the Commodity Channel Index spiking to 222.2, well above the 100 threshold that signals overbought conditions.

While technical signals suggest the possibility of a market correction, Popcat’s successful retest of the upper Bollinger Band earlier today supports the notion that bulls remain in control. This could indicate continued upward momentum in the short term, although traders should remain cautious due to the overbought indicators.

Price Predictions

Trader sentiment on X aligns with the technical outlook, with market observers noting that Popcat is in a phase of price discovery, suggesting that new highs could be imminent. Analyst Altcoin Sherpa pointed out that Popcat has broken out of a significant trading range and, as long as Bitcoin’s price remains stable, the upward trend could target the $2 mark.

Another analyst, Murad, offered an even more optimistic prediction, suggesting that the meme coin could hit a price target of $5, representing a 300% increase from its current price of $1.24. Meanwhile, pseudonymous analyst ‘TraderSz’ noted that POPCAT has breached a key resistance level around $1.20 and is now heading towards the next major resistance at $1.50.

At the time of writing, Popcat was trading at $1.24. While it remains to be seen if the token can maintain this level, community sentiment appears bullish, with data from CoinMarketCap indicating that 69% of traders (out of 4,473 votes) are optimistic about its future prospects.

As previously reported by crypto.news, the analysis firm Cryptonary predicted that Popcat could reach a price target of $40 during the current bull run, driven by strong community support, the so-called “meme coin supercycle,” and its increasing prominence within the Solana ecosystem.

The creator of the Popcat meme coin has not been explicitly identified. The token’s popularity originates from a meme featuring a cat named Oatmeal chirping at a bug. A video showcasing alternating images of Oatmeal with its mouth open and closed quickly turned into a GIF, going viral. Students from the University of Sheffield in England even developed a Popcat-inspired game where players click on an image of Oatmeal to accumulate points.