The memecoin Popcat (POPCAT) experienced an explosive 16% surge within 24 hours, reaching a three-week high of $0.3403. Although the price slightly pulled back to $0.336 at the time of writing, market appetite remains strong – especially among crypto whales actively accumulating the token.
🔹 Whales Are Buying Popcat Aggressively
According to data from Nansen, the top POPCAT holders increased their positions by 14.28%, now holding over $634 million worth of tokens. This represents 64.74% of the total supply. On July 10, these large holders acquired 8.5 million tokens, reflecting their growing confidence in the coin’s future value.
🔹 Derivatives Show Strong Bullish Sentiment
The derivatives market is also heating up. Open interest (OI) jumped by 19.3% to $172.9 million, while derivatives trading volume surged by 94.5%. The long/short ratio across major exchanges rose above 1, signaling a majority of traders are betting on further price increases.
🔹 Investors Getting Greedy
As Popcat’s price climbs, so does the desire for profit. Netflow data indicates a sharp spike in token inflows to exchanges, implying that some investors are preparing to take profits. The total supply of POPCAT on exchanges increased by nearly 12%, which could lead to short-term selling pressure.
🔹 Technical Indicators Flash Strength – and Caution
• Stochastic RSI surged to 86.73, confirming a strong bullish trend but also warning of potential exhaustion.
• Relative Strength Index (RSI) climbed to 54, indicating renewed bullish momentum.
🔹 What’s Next?
If the current momentum holds and whales continue to accumulate, Popcat could soon reclaim $0.36 and challenge the $0.40 resistance. However, the key variable remains trader behavior. Should profit-taking intensify, the price may drop back to support near $0.28.
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