Memecoins
Solana Cat Meme Coin Surges 117%, But There’s Something You Need To Know
Arman Shirinyan
Sudden surge in meme currency known as Popcat may be linked to insider trading
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THE Solana The meme coin that was launched a while ago has suddenly caught the attention of retail traders, rising 117% since July 11. However, there is a silver lining that few people know about of.
A bet on Polymarket surfaced in 2024 regarding the first cat-themed meme coin to hit $1 billion in market cap. With an all-time high (ATH) of nearly $800 million, Mew was leading the race in April. But the token’s decline was driven by bad press created by some influencers who claimed the token was backed by venture capital and promoted it in questionable ways. Ansem and other influencers reportedly made over $250,000 promoting the token.
MOG and Popcat began to gain momentum as MEW faltered. Recently, a Popcat bettor made the decision to act independently. This person bet on Popcat, driving the DEX price up to $1.0466 by purchasing $300,000 worth of tokens at 96-98 cents as Popcat closed in on $1. With $4 million pooled into the bet, this calculated move forced other players betting against Popcat to lose.
Since SolanaBitcoin-based assets have risen 117% since July 11, as retail traders have taken notice of POPCAT. A price rally of this magnitude has historically had a high probability of triggering a correction where better entry points are likely to come. While Popcat has gained popularity following this rally, it is important to be aware of market volatility and the potential for manipulation.
To win the biggest bet, the person who made the big purchase had to risk losing between $10,000 and $15,000.
About the Author
Arman Shirinyan
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant use in the future. Currently, he focuses on news, articles with in-depth analysis of crypto projects, and technical analysis of cryptocurrency trading pairs.