Can Binance Listing of Solana-based Popcat (POPCAT) Futures Ignite Bullish Sentiment?

News
  • Popcat has grown to one of the top three Solana-based meme coins in the past few months.
  • The listing on the Binance exchange will significantly boost Popcat’s liquidity and trading volume.
  • Meme coins are still considered favorites among speculative traders and chains seeking to grow on-chain activities.

The emergence of meme coin mania on the Tron (TRX) network has attracted more speculative investors in top-rated projects. Solana (SOL) network remains a leader in meme coin development, with the current market cap of its memes of about $6.2 billion and a daily average traded volume of about $1.3 billion.

Some of the top-tier memes on the Solana network include dogwifhat (WIF), Bonk (BONK), BOOK OF MEME (BOME), and Popcat (POPCAT), among many others.

The Rise of Popcat (POPCAT) on the Solana Network

Cat-themed meme coin Popcat has emerged as a popular crypto project on the Solana blockchain with more than 64k holders. The Popcat meme coin had a market cap of about $552 million and a locked liquidity of more than 10 million.

Already listed on major centralized exchanges, Popcat meme coin has seen its daily average traded volume spike over 134 percent in the last 24 hours to about $145 million on Thursday during the early New York session. 

Earlier today, the leading cryptocurrency exchange by daily trade volume and globally registered users announced the listing of the POPCATUSDT Perpetual Contract on its platform. Notably, Binance will provide traders with up to 75x leverage on the Popcat futures market.

Impact on Price 

Following the continued adoption of Popcat by speculative traders, the underlying value spiked over 30 percent today to trade around $0.559. However, the Popcat price against the USD is not out of the woods.

From a technical standpoint, Popcat’s price must regain the 50-day Moving Average (MA) as a support level to invalidate the macro reversal. Moreover, the meme coin has been forming a potential head and shoulders (H&S) pattern in the daily time frame coupled with bearish divergence on the Relative Strength Index (RSI).

Already, the weekly RSI shows that Popcat has been hovering in overbought levels, especially after rallying around 100x since January this year.

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