factor
Published: September 13, 2024
Solana [SOL]-based memecoin POPCAT has actually risen by 20% in 7 sessions, striking $0.6633 at press time. Kraken’s upcoming listing, revealed on X (previously Twitter), lines up with the FOMC rate cut choice. It can be anticipated to enhance POPCAT’s exposure and worth.
This likewise raises a substantial concern– Could this noting act as a driver for POPCAT to strike its next all-time high?
Listings have actually enhanced POPCAT before
Historically, POPCAT has actually been noted on KuCoin, Bybit, and OKX. While listings normally bridge ask and bid orders, the chart listed below highlights their considerable influence on the cost action too.
Source: Coinalyze
Bybit, the 4th biggest area exchange with a $4 billion in everyday volume, noted POPCAT on 21 June. The day before the listing, POPCAT checked its $0.22235 assistance level. In spite of bearish pressure, it rose to $0.60 in a week.
Remarkably, Bitcoin saw a strong down swing over the exact same duration, dropping listed below $60k 2 weeks after checking the $70k ceiling.
In other words, Bybit’s listing functioned as a driver for POPCAT, which rose by over 160% in spite of more comprehensive market volatility. Within a month of the listing, POPCAT almost checked the $1 high variety, closing at $0.99997.
Something comparable took place when Binance noted POPCAT on the Futures market. The token’s cost skyrocketed from $0.58 to $0.75 within simply 3 days.
Source: Coinglass
In addition, the OI rose from $2.40 M to $14.85 M in 20 days– A 518% boost. In addition, the overall OI increased from $38M to $62.44 M.
And yet, in spite of Futures traders’ interest matching July’s ATH, the rate effect failed this time.
Can Kraken’s listing aid POPCAT reach $1, or will volatility prevent its development?
Time will inform
In spite of Kraken’s statement, POPCAT stays susceptible to Bitcoin’s declines, as evidenced by its late August drop. As memecoins depend on neighborhood assistance, their social efficiency is essential.
Source: Santiment
After a bearish start to September, POPCAT’s social volume has actually risen, showing the statement’s effect. Its volume, at press time, was approaching early July levels and lined up with a 12% walking from its previous day’s close.
Check Out POPCAT Price Prediction 2024-25
Here, it’s worth restating that the timing of POPCAT’s listing is crucial too, lining up with the FOMC conference date. Whether by coincidence or style, stakeholders will carefully keep track of both occasions, which might impact POPCAT’s efficiency.
Presently, the $0.70 ceiling is essential. If it’s checked, it might boost the possibility of POPCAT striking $1, depending upon how these occasions unfold.
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