Popcat surges by 20% in 24 hours, hits a new ATH – What now?
Over the past month, Popcat price has increased by 185.86%. What's driving the surge?
- Popcat has surged by 53% over the past week.
- Amidst increased market optimism and a surge in futures open interest, Popcat reaches a new ATH.
The Solana-based memecoin Popcat [POPCAT] has experienced exponential growth over the past month. As such, it has become the top earning memecoin while others have experienced a decline on weekly charts.
Popcat hits a new ATH
Over the past 24 hours, Popcat has hit a new ATH surpassing the $1.4 mark. During this period, the memecoin reached $1.47. In fact, as of this writing, Popcat was trading at $1.45. This marked a 53.07% surge on weekly charts and an extension to the bullish trend by a 20.00% increase on daily charts.
Additionally, Popcat has become the highest earning memecoin on monthly charts as it surged by 185. 86%.
Therefore, the Popcat’s recent massive surge raises questions about the factors driving it.
What’s driving the surge
For starters, one of the factors driving the memecoin’s surge is the sudden rise in futures open interest. According to Coinglass data, open interest has surged by 23. 51% to $234.9 million.
As such, futures open interest has hiked from a low of $121.5 million to $237.1 million. A surge in open interest shows investors confidence in the memecoin’s direction as they open new positions.
Additionally, increased market optimism has also played a major role in Popcat’s sustained rise. This was illustrated by the significant increase in trading activities. Thus, the memecoin’s volume has surged by 93% to $1.06 billion.
What next for Popcat?
Notably, Popcat is enjoying increased market favorability and positive sentiment.
This was supported by increased demand for long positions as evidenced by a positive funding rate. This suggests that investors project further gains and are increasingly taking long positions.
Finally, Popcat’s OI-weighted funding rate has remained largely positive over the past week. A sustained positive weighted funding rate supports our previously observed demand for long positions.
Realistic or not, here’s POPCAT’s market cap in BTC’s terms
As such, investors are willing to pay a premium fee to short position holders to maintain their trades. This is another positive sentiment.
Therefore, if the current market conditions hold, the memecoin will hit a new high of $1.6 in the short term.
