- POPCAT is well positioned to eclipse BONK in the ranking of best memes.
- Several key factors support this hypothesis.
Popcat (POPCAT), the Solana-based memecoin, is on a roll, seeing a significant double-digit increase this week as it closes in on BONK.
Therefore, analysts are buzzing with predictions that POPCAT could surpass BONK by the end of the fourth quarter, thanks to the ongoing market cycle that has propelled many memecoins into the spotlight.
Additionally, anticipation of a Binance listing could be the key catalyst for this shift, spurring POPCAT towards a 1:1 ratio with WIF before WIF embarks on its next parabolic ascent.
Why the $2 key for POPCAT
BONK, the fifth largest memecoin, saw its market capitalization decline by more than 2%. On the other hand, POPCAT narrows the gap, with a market capitalization of $1.4 billion after a notable increase of 4%.
If this trend continues over the next 60 days, POPCAT could approach $2, putting it ahead of BONK in terms of market capitalization.
Interestingly, while BONK started October on a bearish note with higher lows, POPCAT significantly outperformed this trend, recording daily gains above 10% and challenging its previous ATH.
This clearly shows how POPCAT is emerging as a formidable rival to dog-themed coins, whose dominance has declined since Solana memecoins entered the arena.
Source: Coinalyse
As mentioned earlier, $2 is a crucial resistance level for POPCAT to reach. Although current market statistics demonstrate strong potential, several key conditions must align to achieve this goal.
A bullish crossover in the MACD portends increased activity in the coming days, often signaling a market bottom.
However, despite this bullish sign, trading volume over the past 24 hours has decreased by more than 30%. Clearly, the bearish sentiment in the market, led by the decline in BTC, has raised alarm bells among traders.
Additionally, an RSI close to overbought territory could make the situation worse, showing signs of overheating. With POPCAT recently hitting an ATH of $1.48, a common strategy for traders would be to consider breaking out of the cycle, especially as BTC drops below $63,000.
As a result, POPCAT could be set for a short-term price correction before targeting $2. According to AMBCrypto, a retracement to $1.42 could be a healthy sign, allowing weak hands to exit and creating opportunities for new buyers to step in.
Spot traders target the downside
The cat-themed memecoin surged nearly 30% after listing its perpetual contract on Binance, building on the double-digit gains it saw following its mid-September listing on Kraken.
Certainly, the anticipation surrounding a possible one-off listing on Binance is likely to create buzz on social media – a key indicator of price movements, especially for memecoins.
Source: Coinglass
As a result, spot traders are already viewing the current price as an ideal “dip,” expecting it to yield 10x gains in the future.
While a retracement may be inevitable given current market conditions, the influx of traders entering an accumulation phase signals an uptrend and keeps the $2 target within reach.
Overall, POPCAT appears poised to overtake BONK as the fifth largest memecoin on the charts.
Is your wallet green? Check the Popcat Profit Calculator
Several factors support this hypothesis, including consistent daily gains, resistance levels turning into support, bulls showing resilience during market downturns, and key developments attracting traders for high potential returns.
This confluence of factors suggests that POPCAT could actually reach $2 and eclipse BONK before the end of the fourth quarter cycle.
