Popcat Surges to All-Time High, Outperforming Bonk and Floki

Popcat has reached a new all-time high, surpassing popular meme coins like Bonk and Floki, driven by a notable increase in futures open interest.

Currently trading at $1.66, Popcat has seen a remarkable rise of 17.8% over the past day and an impressive 80.3% over the last 30 days, bringing its market cap to $1.61 billion—up from $457 million in September.

This price surge aligns with a significant increase in futures open interest, which has soared from $46.91 million at the start of September to an all-time high of $274.8 million.

Notably, members of the community have observed that several whale wallets are accumulating Popcat. At least three whale wallets have made substantial purchases in the last 24 hours, with one notable case of a whale selling Bonk to acquire Popcat.

Additionally, a recent uptick in meme coin outflows from centralized exchanges has been reported, often viewed as a bullish indicator. This trend suggests that investors are choosing to hold onto their tokens for the long term rather than engage in short-term trading.

These developments have propelled Popcat to become the top gainer among the 100 largest cryptocurrencies, eclipsing both Bonk and Floki in market cap as of October 24, according to CoinGecko.

Bonk has faced a decline over the past week, now sitting at a market cap of $1.56 billion, while Floki has dropped 0.8% in the past day, with a market cap of $1.4 billion.

On the daily POPCAT/USDT chart, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover, indicating potential sustained upward momentum. The Average Directional Index (ADX) stands at 37.48, further confirming the strength of the current trend.

Market analysts remain optimistic about Popcat’s short-term outlook. Pseudo-anonymous analyst Bluntz noted that Popcat has recently broken out of an ascending channel, suggesting strong buying pressure and the potential for continued price growth.

Trader NW CRYPTO speculated that the meme coin might encounter resistance at $0.2768, approximately 18.7% above the current price. If the bulls manage to push past this level, the next targets could be $0.7416 and $1.4926.