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Solana-based meme coins have had an incredible run over the last year. Popcat (POPCAT) is currently one of the best-performing cryptocurrencies, rallying 31% in the last 24 hours and 23.6% over the last week.
The meme coin continues to glow red in the other time frames, falling 0.8% in the 14-day charts and 25.5% in the monthly charts.
Also Read: Tron (TRX) To Hit $1, Here’s When
Factors Driving Popcat’s Rally
Why is POPCAT Rallying?
The Solana-based meme coin’s latest price surge could be due to Binance launching perpetual contracts for the token. Binance’s announcement was followed by KuCoin’s announcement of a POPCAT/USDT trading pair on its platform.
Also Read: XRP: Ready to Rocket as Tether Bubble Bursts!
According to the data from LookOnChain, a whale withdrew $5.73 million worth of Solana (SOL) from Binance and purchased 10 million POPCAT tokens following the exchange’s announcement.
Will The Meme Coin Hit A New All-Time High?
POPCAT is currently down 38.6% from its all-time high of $0.99, which it attained on July 21, 2024, about a month ago. The meme coin had climbed into the top 100 projects by market cap last month but has since slipped to the 122nd position.
Also Read: Top Altcoin Options Ready to Explode as Bitcoin Nears $70K
CoinCodex researchers paint a rather bullish picture for the Solana-based meme coin. The platform anticipates the asset to breach the $1 mark by Sept. 7, 2024, hitting a new all-time high.
CoinCodex predicts the meme coin to continue rallying throughout September, hitting $1.99 on Sept. 20, 2024. Reaching $1.99 from current levels would translate to a rally of about 237.29%.
If the market displays strong investor sentiment, POPCAT may continue rallying over the next few weeks.
If we face a market correction and Bitcoin (BTC) enters another slump, the meme coin may witness a price dip. How the asset fares over the next few weeks remains to be seen.
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