Popcat (POPCAT), the favored cat-themed Solana-based memecoin, hit a brand new all-time excessive of $1.69 on Tuesday. The asset is presently the best-performing cryptocurrency among the many high 100 initiatives by market cap, outperforming mainstream cash comparable to Bitcoin (BTC), Ethereum (ETH), and so on.
The memecoin is up by 14.1% within the each day charts, 23.7% within the weekly charts, 23.2% within the 14-day charts, and 80.5% over the earlier month.
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Why Is Popcat Rallying?
The Solana-based meme coin’s newest rally comes amid Bitcoin’s (BTC) climb to $71,000, a stage final seen in June of this yr. BTC is simply 3.5% away from its all-time excessive of $73,737. We could also be coming into one other bullish section for the cryptocurrency market.
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Different SOL-based meme cash, comparable to Pepe (PEPE), Dogwifhat (WIF), Bonk (BONK), and so on., have additionally damaged into rallies within the final 24 hours.
The US Presidential election can also be proper across the nook. Traders could also be taking positions primarily based on who they suppose would possibly win. Given his pro-crypto stance, many analysts anticipate a market rally if Donald Trump takes energy. The SOL-based memecoin could rally as a consequence of a constructive investor sentiment across the upcoming election.
Can The Solana-Primarily based Memecoin Hit $2 Subsequent?
In keeping with the analysts at CoinCodex, POPCAT will proceed its rally over the following few weeks. The platform anticipates the Solana-based memecoin to breach the $2 mark in early November, hitting $2.06 on Nov. 2, 2024. Hitting $2.06 from present worth ranges will translate to a rally of about 24%.
The platform anticipates POPCAT ultimately breaching the $5 mark subsequent month, hitting $5.83 on Nov. 26, 2024. Reaching $5.83 from present worth ranges will entail a rally of about 251.2%.
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There’s a risk that the SOL-based memecoin will face a correction within the subsequent few days if the constructive market setting doesn’t persist. The asset’s efficiency over the following few days is but to be seen.
