Here’s Why Popcat Is Dominating The 7-Day Charts

The seven-day chart wasn’t exactly a disaster for major crypto assets on Wednesday, but most major cryptocurrencies were in the red. That included a 3% drop for Bitcoin after a sudden drop in open interest for BTC futures among institutional crypto investors.

Meanwhile, Popcat showed particular strength among meme coins. Most of the top memes were down for the week, like Dogecoin (-6%), Pepe (-2%), and Bonk (-2%). But Popcat posted astonishing weekly gains of 52% as of midday Chicago time on Wednesday.

Here’s why Popcat’s price skyrocketed last week.

Why Popcat topped 7D price leaders on Wednesday

Among other factors that continue to support Popcat’s price, such as its large market cap (over $600 million this week), high liquidity, and strong meme community, Binance recently offered a crypto derivatives product for the cat meme coin Solana. The exchange announced the new Popcat product a week ago, on Thursday, August 22.

For the filthy degenerate who doesn’t find weekly price gains of 52% on a meme coin exciting enough, Binance has listed on its menu Popcat-USDT perpetual futures contracts with up to 75x leverage.

The company also listed futures contracts for Tron’s SUN token at the same time, helping the $300 million governance and utility token surge 91% in the rankings, according to data from CoinMarketCap.

Lookonchain spotted a whale-sized Popcat purchase worth $5 million using SOL tokens on August 22. This likely smoothed the waters for the Popcat crowd.

Solana Layer 1 support for Popcat

Solana was the only cryptocurrency in the top 10 to gain in the week ending Wednesday. Perhaps that’s why crypto markets rewarded one of its top meme cryptocurrencies with massive gains.

Over the past year, enthusiasm for Solana and Ethereum’s rival meme coins has been growing steadily. This was clearly demonstrated by the Bonk rally, which beat the market in the fourth quarter. Bonk is Solana’s answer to Ethereum’s Shiba Inu.

According to CoinGecko data, Popcat posted a ROI of over 7,000% for 2023 and was the leading cryptocurrency of the year by that metric. But Pepe warned last year that the dog days were over. Popcat generated the best ROI of any major meme coin in the first quarter of this year. This week’s performance shows that the big cat market is eager to continue pumping in the third quarter.