Popcat and MEW tokens rally as Solana DEX volume flips Ethereum

Solana meme coins like Popcat and Cat in a dogs world continued their uptrend as their total market cap jumped to $11.38 billion.

Solana DEX volume soars

Popcat (down 9.19%) was trading at $1.3220 on Monday, October 21, marking an extraordinary 30,000% increase from its lowest point this year. This remarkable surge has driven its market capitalization to $1.3 billion, making it the third-largest meme coin in the Solana ecosystem, following Dogwifhat (WIF) and Bonk (BONK).

Meanwhile, Cat in a Dog’s World (up 2.07%) reached an all-time high of $0.01050, rising by 285% from its year-to-date low. Its market valuation has now reached $828 million, making it the fourth-largest meme coin within Solana’s ecosystem.

Other smaller meme coins, such as Fwog, Goatseus Maximus, Michi, and Maneki, have also seen significant gains in recent days.

This surge in meme coin activity has translated into increased trading volumes on Solana’s decentralized exchanges (DEXes), which have now surpassed Ethereum in volume. According to data from DeFi Llama, trading volume on Solana DEXes increased by 41% over the past seven days, reaching $12.61 billion, while Ethereum DEXes handled $8.7 billion during the same period.

Raydium remains the largest Solana DEX, processing $7.6 billion in token volume, followed by Orca, Lifinity, and Phoenix.

Solana also outpaced Ethereum in monthly trading volume, recording $30.4 billion in October compared to Ethereum’s $26.5 billion.

In the perpetual futures market, Solana also saw strong growth, handling $4 billion in perpetual futures over the past week, compared to Ethereum’s $2.83 billion. For the month of October, Solana processed $12 billion in perpetual futures, while Ethereum processed $7.9 billion.

This surge in activity is largely driven by the popularity of meme coins like MEW and Popcat, which have led the recent gains. According to data from CoinCarp, the number of holders for these tokens has been rising steadily. Popcat now has 77,750 holders, up from 68,300 on September 21, while Cat in a Dog’s World has attracted 178,200 holders.

Popcat price has formed a bullish pennant

The daily chart for Popcat shows the formation of a bullish pennant pattern, which is marked by a sharp flagpole followed by a symmetrical triangle. Additionally, the token remains positioned above its 50-day Exponential Moving Average (EMA), indicating sustained upward momentum.

As the triangle pattern approaches its point of confluence, a strong breakout could be imminent. If this occurs, the initial target for Popcat would be $1.5535, which represents its all-time high.

Cat in a dogs world formed a cup and handle

On the daily chart, the MEW token has made a significant bullish breakout above $0.0087, its highest level since June 24, as well as the upper boundary of its cup and handle pattern.

Cat in a Dog’s World has also climbed above its 50-day moving average, signaling potential for further upside. Continued gains will be confirmed if the token pushes past its all-time high of $0.01047.