The Solana-based memecoin Popcat (POPCAT) has been making the headlines for the past week after becoming the primary cat-themed token to achieve a $1 billion market cap.
The token has surged over 230% prior to now month, which propelled the token to a recent all-time high (ATH). Nonetheless, a crypto analyst has warned investors of a possible correction for the feline sensation.
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POPCAT Leads The Clowder
This month, Popcat has registered a remarkable performance. The token began climbing the chart on July 11, breaking above a $900 million market capitalization by July 16. That day, the Solana-based memecoin flipped Ethereum’s MOG and have become the biggest cat-themed token by market cap.
Popcat continued its ascending trajectory, reaching a $1 billion market cap on July 20 and becoming the primary ever cat memecoin to realize this milestone. The next day, the token reached its ATH of $0.9939, in line with CoinGecko data.
Popcat hits a $1 billion market cap. Source: DEGEN NEWS on X
Currently, the token is the eighth-largest memecoin by market cap, sitting above Cat in a dogs world (MEW) and MOG. MEW has also seen a remarkable performance prior to now week, with a 98.2% surge within the last seven days.
During Q2, the cat-themed tokens saw massive growth and infiltrated the highest 10 memecoin list. Furthermore, a CoinGecko survey revealed the category became the 14th hottest crypto narrative within the second quarter.
Is A Correction Looming?
Following its recent performance, some crypto analysts and investors considered that “Popcat is looking good.” Team Lambo Charts shared on X that the memecoin had “one other fresh breakout done” earlier today.
Per the post, the token broke out of the downtrend line after successfully retesting the $0.84 mark. If the cat-themed memecoin continues to carry above this price range, the analyst believes a retest of the $1 resistance level is feasible. Based on this, he set an initial $1.08 goal “for the general 25% move short term.”
VikingXBT, one other market watcher, also commented on the token. To him, Popcat’s performance following its ATH “is smart on the lower timeframe.” The analyst identified that the token “hit the psychological goal quite a lot of people had.”
He stated that the present retraces and retest of the old resistance are “molto buono.” Moreover, he suggested that investors embrace themselves “with a little bit of patience” while the token resumes its climb.
Nonetheless, not all analyses are confident concerning the memecoin’s recent performance. On Monday, renowned analyst Altcoin Sherpa shared his thoughts on X. Per the analyst, the chart “looks decent still but could be concerned if this prints a lower high/shoulder.”
Altcoin Sherpa warns of potential lower high/ shoulder. Source: Altcoin Sherpa on X
Sherpa thinks that if it happens, and Popcat starts to unload, “all cat beta goes to die.” Nonetheless, the analyst clarified he’s still bullish for now as he believes that cat-themed memecoins “will do pretty much and play catch up.”
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As of this writing, the biggest cat-themed cryptocurrency registers a 12% and 27% increase within the day by day and weekly timeframes.
Popcat’s performance within the weekly chart. Source: POPCATUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com