Solana meme coin POPCAT price has defied the current crypto market volatility by extending its weekly rally to over 60%. However, despite remarkable price gains, a crypto whale, also an early buyer of the token, has recently offloaded a whopping 10 million coins to Bybit. On-chain data revealed that this trader constantly dumped massive amounts to date, raising marketwide speculations of a looming price dip for the cat-themed meme coin.
POPCAT Price At Risk? Early Buyer Whale Dumps Heavily Sparking Concerns
According to the data by Spotonchain on February 14, a holder of the Solana meme coin revived after 2 months of dormancy to deposit 10 million tokens worth $3.15 million to Bybit. This whale is registered to be an early buyer of the meme coin, as it bought massive amounts as early as December 2023.
Data revealed that the address ‘8icKq’ bought 9.27 million tokens with 350 SOL as of December 14, 2023. However, the trader has offloaded nearly all his holdings to date, leaving behind slightly over 1 million coins. Intriguingly, Spotonchain revealed that this trader made a $7.32 million profit (+633%), strategically trading amid POPCAT price action shifts.
In turn, the recent decision to dump tokens sparked marketwide speculations, as it could be due to further profit booking amid a 60% weekly rally. Further, usual market sentiments flashed uncertainty as the selloff could also be due to the trader’s loss of confidence in the asset’s potential to gain more ahead.
What’s Fueling The Rally?
Simultaneously, it’s also worth pointing out that Coinbase’s expansion of support for the Solana meme coin substantially uplifted its market sentiment over the past few days. CoinGape reported that Popcat’s price rallied as Coinbase recently unveiled a perpetual contract launch for the asset.
Meanwhile, such backings or positive updates from the top crypto exchanges usually boost market sentiment. Having said that, it appears that Coinbase’s support has projected a bullish outlook for the Solana meme coin, contributing to heightened market exposure for the asset.
Is The Pump Coming To An End?
At the time of reporting, POPCAT price witnessed an 8% pump and is trading at $0.3495. The coin’s 24-hour low and high were $0.2837 and $0.3511, respectively. Weekly gains for the asset totaled 63%. It appears that the Coinbase update acted as a primary catalyst for the recent surge.
Notably, Coinglass data indicated that the meme coin’s futures OI soared over 7% to reach $167.88 million. It appears that the broader market sentiments for the asset are optimistic at the moment despite the selloff.
However, renowned market expert ‘AltCryptoGems’ recently took to X, raising caution against the top Solana meme coin. The analyst spotlights how some of the meme coin charts have taken severe heat amid the broader market turbulence since late 2024.
“We got a nice bounce from demand, but we need another 10X to reach the all-time high again,” the analyst stated, highlighting POPCAT price chart. He further concluded, “Be careful trying to force your hand with these; at least wait for a proper daily reversal!’ exercising caution over the dynamic meme-themed asset’s future outlook.
The post Popcat Price Risks Falling As Whale Dumps 10M Coins, What’s Next? appeared first on CoinGape.
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