Binance Listing Ignites $POPCAT Frenzy: Whale Buys 10M Tokens

 
Sritanshu Sinha
Written By 
Sritanshu Sinha
 
Harsh Chauhan
Edited by 
Harsh Chauhan
August 22, 2024

$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. 

$POPCAT Price (Source- sosovalue)

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.

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. 

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Sritanshu Sinha
Written by Sritanshu Sinha

Sritanshu has been active in the crypto ecosystem since 2016, bringing a broad range of experience in content strategy, crypto journalism, ghostwriting for prominent figures, PR, marketing, video content, business reporting, fraud reporting, financial reporting, and technical whitepaper writing. He has written and edited for several crypto publications, including Cointelegraph, contributing valuable insights to the industry. Active in the crypto space in India, Sritanshu is ionate about emerging technologies and libertarian ideals. He envisions a decentralized financial world free from centralized control and continues to push the crypto cause through his writings and analysis. His deep understanding of blockchain technology and regulatory shifts allows him to provide thought-provoking perspectives on the industry's evolution.