At the time of writing, Popcat’s price was trading at $1.66, gaining 17.8% in the last 24 hours. Additionally, the price of meme coin has increased by 80.3% in the last 30 days and its market capitalization has increased to $1.61 billion. This represents a significant increase in market value, which was recorded at $457 million in September.

Popcat’s price increase is particularly linked to a significant rise in futures open interest. Open interest reached an all-time high of $274.8 million, up from $46.91 million in early September. This is an important indicator of how Popcat’s trading volume and market dynamics are changing.

Meanwhile, on social media platform X, a community member observed that some whale wallets have been accumulating meme coins in recent days. This user pointed out at least three whale wallets that purchased significant amounts of tokens in the last 24 hours.

Additionally, a whale was found to be trading BONK for POPCAT. Such buying transactions indicate that investors’ interest in the meme coin is increasing.

Popcat’s rise came as meme coin outflows from centralized exchanges increased. As previously reported by crypto.news, such breakouts are generally seen as a bullish signal. It shows that investors prefer to hold their tokens for longer periods of time rather than short-term trading.

All these factors helped the cat meme coin become the biggest gainer among the top 100 cryptocurrencies, surpassing popular dog-themed meme coins Bonk and Floki in terms of market cap on October 24.

BONK, which has decreased in the last 7 days, was traded with a market value of $ 1.56 billion. FLOKI, another meme coin, had a market cap of $1.4 billion, down 0.8% based on Ethereum. This makes Popcat’s strong performance in the market even more evident.

On the 1G POPCAT/USDT chart, the Moving Average Convergence Divergence (MACD) indicator is signaling a bullish crossover. The MACD line (blue) has crossed above the signal line (orange), indicating potential sustainable bullish momentum.

Additionally, the Average Directional Index (ADX) is at 37.48, confirming that the current trend is strong and the price may move higher.

Analysts remain optimistic about Popcat’s short-term prospects. According to the pseudo-anonymous market analyst whose nickname is Bluntz, Popcat recently broke out of an ascending channel.

A breakout from this pattern is a strong signal that the price increase will continue, indicating ongoing buying pressure above previous resistance within the channel.

A trader known by the pseudonym NW CRYPTO suggested that the meme coin could face resistance at $0.2768.

Stating that this level is approximately 18.7% above the current price level, the trader emphasized that if the bulls manage to raise the price above this resistance, the next targets could be $ 0.7416 and $ 1.4926.

This outstanding performance and market dynamics of Popcat continues to attract the attention of investors and future price movements are eagerly awaited.