$POPCAT, a cat-themed memecoin, has been a standout in a crowded memecoin space. On August 22, when Binance listed $POPCAT on its Futures platform, the coin reached a 24-hour trading volume of nearly $150 million, which is more than industry heavyweights like Notcoin(NOT), Optimism(OP) and Worldcoin(WLD).
Built on Solana, $POPCAT is one of the latest memecoin in the ecosystem. Notably, Solana in 2024 has been a hub for trending memecoins. $POPCAT is a cat-themed memecoin that is inspired by the viral “Oatmeal” cat meme from 2020. The total supply of the coin is capped at 979,978,694 tokens, all of which are currently circulating. This capped supply helps in maintaining its scarcity, thus driving up its value as the demand for the coin grows.
$POPCAT has already shown a massive following. It became a top 100 cryptocurrency by market cap and a top 50 cryptocurrency by 24-hour trading volume, a feat that took less than two months to achieve.
$POPCAT’s Listing Binance
Following the announcement about the listing on Binance, the price of the token surged 20%, from $0.45 to $0.59, which it currently stands at the time of publication. The trading pair of POPCAT/USDTPerpetual Contract was listed on Binace’s Futures platform. The contract offers 75x leverage, appealing to traders who like high-risk, high-reward opportunities.
Following $POPCAT’s listing on Binance, the market witnessed an extraordinary move by a Solana whale. The whale withdrew 39,816 $SOL, equivalent to approximately $5.73 million, from Binance to purchase a staggering 10 million $POPCAT tokens.
Crazy buying of $POPCAT!
After #Binance announced the launch of $POPCAT perpetual contracts, a whale withdrew 39,816 $SOL($5.73M) from #Binance to buy 10M $POPCAT!https://t.co/smN6cNogIo pic.twitter.com/E3zMHy6Qoh
— Lookonchain (@lookonchain) August 22, 2024
There are speculations that this purchase could be a test transaction by a Solana insider, but even this transaction is just a drop in the bucket of the $150 million daily trading volume.
Even though the price of the $POPCAT token is up 20% following the Binance listing announcement, it is still down 30% from its all-time high. However, the ascending triangle forming on the candle chart above, along with the increasing volumes, suggests a potential short-term bull run in the coming days.
Also Read: $DOGS Token Debuts on Major Exchanges, Targets Telegram Utility
Source: https://www.cryptonewsz.com/binance-listing-popcat-whale-buys-10m-tokens/