Memecoin PopCat rises 58% in four days: Market capitalization almost $2 billion

The memecoin PopCat (POPCAT) is currently making waves on the Solana (SOL) network. The digital currency recently reached a new all-time high (ATH) of $1.47 and shows no sign of stopping its rise anytime soon.

Technical pattern indicates further bullish movement

At the time of writing, PopCat’s share price has risen almost 15% in the past 24 hours. In the past four days, the total increase has even risen to more than 58%.

This strong price movement is supported by the breakout of the so-called cup-and-handle pattern, a popular technical analysis pattern often used to predict bullish price movements. The pattern gets its name from its visual similarity to a cup and a handle.

Up to $2?

The breakout of this pattern led to four consecutive bullish candles, leading many investors to hope that the digital coin will soon break the psychological barrier of $2 as well. If this happens, it would mean an increase of about 36%. Moreover, with such an increase, PopCat’s market capitalization would reach almost $2 billion, placing it among the top 50 largest cryptocurrencies by market capitalization.

What is PopCat?

PopCat (POPCAT) is a memecoin, similar to other projects such as Dogecoin (DOGE) and Shiba Inu (SHIB). Instead of a dog as its mascot, PopCat, as the name suggests, has a cat as its central figure. The name is based on a viral internet phenomenon in which an image of a cat opening and closing its mouth (the PopCat meme) was shared and manipulated into videos and GIFs.

Despite its young existence, the coin went live in December 2023, PopCat has grown extremely quickly in both popularity and value. Nine months ago, POPCAT was valued at just $0.0038. Since then, the token has increased in value by as much as 38,000%.