Solana meme coin POPCAT worth has defied the present crypto market volatility by extending its weekly rally to over 60%. Nevertheless, regardless of exceptional worth beneficial properties, a crypto whale, additionally an early purchaser of the token, has not too long ago offloaded a whopping 10 million cash to Bybit. On-chain information revealed that this dealer continuously dumped huge quantities so far, elevating marketwide speculations of a looming worth dip for the cat-themed meme coin.
POPCAT Value At Danger? Early Purchaser Whale Dumps Closely Sparking Issues
In accordance with the data by Spotonchain on February 14, a holder of the Solana meme coin revived after 2 months of dormancy to deposit 10 million tokens price $3.15 million to Bybit. This whale is registered to be an early purchaser of the meme coin, because it purchased huge quantities as early as December 2023.
Knowledge revealed that the deal with ‘8icKq’ purchased 9.27 million tokens with 350 SOL as of December 14, 2023. Nevertheless, the dealer has offloaded practically all his holdings so far, abandoning barely over 1 million cash. Intriguingly, Spotonchain revealed that this dealer made a $7.32 million revenue (+633%), strategically buying and selling amid POPCAT worth motion shifts.
In flip, the current determination to dump tokens sparked marketwide speculations, because it may very well be as a consequence of additional revenue reserving amid a 60% weekly rally. Additional, typical market sentiments flashed uncertainty because the selloff is also as a result of dealer’s lack of confidence within the asset’s potential to achieve extra forward.
What’s Fueling The Rally?
Concurrently, it’s additionally price declaring that Coinbase’s enlargement of assist for the Solana meme coin considerably uplifted its market sentiment over the previous few days. CoinGape reported that Popcat’s price rallied as Coinbase not too long ago unveiled a perpetual contract launch for the asset.
In the meantime, such backings or constructive updates from the top crypto exchanges normally increase market sentiment. Having mentioned that, it seems that Coinbase’s assist has projected a bullish outlook for the Solana meme coin, contributing to heightened market publicity for the asset.
Is The Pump Coming To An Finish?
On the time of reporting, POPCAT worth witnessed an 8% pump and is buying and selling at $0.3495. The coin’s 24-hour high and low have been $0.2837 and $0.3511, respectively. Weekly beneficial properties for the asset totaled 63%. It seems that the Coinbase replace acted as a main catalyst for the current surge.
Notably, Coinglass information indicated that the meme coin’s futures OI soared over 7% to succeed in $167.88 million. It seems that the broader market sentiments for the asset are optimistic in the intervening time regardless of the selloff.
Nevertheless, famend market skilled ‘AltCryptoGems’ not too long ago took to X, elevating warning towards the top Solana meme coin. The analyst spotlights how a few of the meme coin charts have taken extreme warmth amid the broader market turbulence since late 2024.
“We received a pleasant bounce from demand, however we’d like one other 10X to succeed in the all-time excessive once more,” the analyst acknowledged, highlighting POPCAT worth chart. He additional concluded, “Watch out attempting to power your hand with these; at the least watch for a correct day by day reversal!’ exercising warning over the dynamic meme-themed asset’s future outlook.
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Disclaimer: The offered content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.
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