Solana-based memecoin POPCAT has become a market sensation in recent months. The token has led the feline sector, becoming the first cat-themed cryptocurrency to reach a market cap of $1 billion. Whales have taken notice of the token’s recent performance, loading up their bags with millions of tokens in recent days.
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On-chain analytics firm Lookonchain has revealed that a crypto whale has purchased millions of POPCAT today. The purchase was made by an investor who previously held the memecoin but sold his holdings earlier this month.
According to the report, the whale purchased 2.36 million POPCAT early Thursday morning at an average price of $0.68. The address exchanged 1.47 million USDC in 9 transactions ranging from 150,000 to 200,000 USDC.
Following Lookonchain’s post, the investor purchased another 299,345 tokens for 200,000 USDC. In the past eight hours, the whale has acquired a total of $2.66 million POPCAT, worth $1.75 million, at an average price of $0.65.
The on-chain data firm also noted that this address purchased 6.05 million POPCAT between April 21 and April 26. At the time, the investor spent 1.84 million USDC for the memecoin. However, they sold the tokens a week ago for 3.31 million USDC, making a profit of over $1.47 million on the stablecoin.
Likewise, online reports revealed that another whale address has been on a buying spree over the past three days. This address purchased 5.67 million tokens on Monday, worth about $3 million, in three dollar-cost averaging (DCA) transactions.
Since then, the investor has continued buying the cat-themed memecoin, acquiring another 470,000 tokens today, valued at $308,000. As a result, the address now holds a total of 6.14 million POPCAT, worth $3.88 million.
Is Popcat About to Lead ‘Cat Season’?
Following the whale transactions, POPCAT’s daily activity increased by 25%, jumping to a daily trading volume of $151 million. memecoins the price also saw a significant 20% increase, reaching the $0.067 mark earlier today.
The token’s performance made POPCAT the biggest gainer among the top 10 memecoins, leading the sectors’ recovery. Additionally, it became the biggest daily gainer among the top 100 cryptocurrencies by market cap, seemingly fueling a bullish sentiment among investors.
Some market observers have noted that the memecoin has been in an “uptrend since” the rest of the market began its downtrend in March. The cat-themed token is showing green numbers on the longer timeframes, recording increases of 17%, 139% and 110% on the one-month, three-month and six-month timeframes.
Sjuul from AltCryptoGems highlighted POPCAT has performed well throughout September, bouncing from the $0.45 zone before reclaiming the $0.55 support level over the past seven days.
Previously, the trader noted that the cryptocurrency failed to reclaim the $0.7 resistance level in late August, resulting in a price drop to the $0.55 support zone. The token’s price continued to fall below the $0.50 mark in the following days.
According to the post, the memecoin continuation move within a bullish structure despite the decline. However, the trader considered that investors should keep an eye on key support levels in the $0.50 and $0.40-40.45 ranges in the coming weeks.
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For Sjuul, “bouncing at either of these two levels would imply that the bulls still control the market structure.” This would ensure that the memecoin forms a “new higher low on the high time frame,” opening “the door for a further push to resistance” and could ultimately lead to a massive rally.
At the time of writing, the cryptocurrency has reclaimed the $0.65 price range and is currently trading at $0.655.
POPCAT's performance in the weekly-chart. Source: POPCATUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com