- Kraken exchange lists Solana’s popular cat-themed POPCAT meme coin.
- POPCAT coin slides down 6% despite the news after a 58% monthly rally.
- Derivatives traders remain on the short-selling side as demand increases.
In the meme currency world, dog-themed tokens dominate the space with high market caps and strong communities. However, Popcat (POPCAT) is a highly demanded feline-themed altcoin in the Solana ecosystem.
The Cat Pops into More Exchanges
Already listed by crypto heavyweights like OKX, KuCoin, and Bybit, Popcat has arrived at Kraken , one of the largest centralized exchanges in the United States. Historically, listings by exchanges of such magnitude have resulted in substantial price boosts for POPCAT, bridging the ask and bid orders across Spot markets.
During the July 21, 2024, listing on Bybit, Solana’s meme coin Popcat reached its all-time peak of $0.9939 in its first attempt to breach the $1 checkpoint. The extensive broader market volatility at the time saw Bitcoin (BTC) plunging, hovering around $67K, while POPCAT attempted another rally towards $1 on July 27, 2024, getting rejected at $0.94 resistance levels.
Sponsored
According to Kraken’s official X announcement, the upcoming POPCAT listing will activate on September 19th, 2024, at 15:00 UTC. Zooming into the crypto price charts, POPCAT’s weekend bounce was rejected twice at the $0.74 resistance line, consecutively on September 14th and 15th, 2024.
Popcat’s Key Resistance to Watch
Popcat has shown signs of decoupling from the general trend in the broader crypto markets as one of the few profitable large-cap meme coins since the March 2024 rally, led by triple-digit gains of blue-chip meme coins like Shiba Inu (SHIB), Dogecoin (DOGE) and Pepe (PEPE).
As of press time, Popcat is changing hands at $0.6899, according to CoinGecko .
Despite a fruitful monthly price movement with 58% gains, POPCAT faces challenges on the way upward due to crypto investors taking profits at this price range. Derivative sentiment would have to shift in order to overcome the $0.75 resistance barricade.
To illustrate, leveraged crypto traders on OKX tend to go short on POPCAT, with the long versus short ratio pointing to 0.59, according to CoinGlass data. This metric is more on the bullish side on Binance at 0.82, while out of the total daily $545K POPCAT liquidations, $424K were longs.
With a daily trading volume of $64,757,784, Popcat is now on the verge of entering crypto’s TOP 100 by global market cap. At $676 million, this remains $280M less than the all-time accomplishment of $956 million. To break the $1 billion barrier, POPCAT would need to flip the $0.75 resistance level into support.
According to the narrowing Bollinger Bands (BOL) on the one-day charts, POPCAT is potentially heading towards a consolidation period before another major price swing occurs.
On the Flipside
- POPCAT’s price movement remains susceptible to Bitcoin’s (BTC) downward swings, as evident in the early August crypto drawdown.
Why This Matters
Meme currencies produced the strongest narrative in Q1 of 2024, radically increasing their market share, reaching a cycle top of $56 billion in March.
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