The Solana meme coin, which was released some time ago, has suddenly caught the attention of retail traders, rising 117% since July 11. However, there is a positive side that few people know about.
In 2024, the first cat-themed meme coin was listed on Polymarket, reaching a market cap of $1 billion. With an all-time high (ATH) of nearly $800 million, Mew was leading the race in April. But the token’s fall was caused by negative press generated by some influencers who claimed the token was VC-backed and promoted it in questionable ways. Ansem and other influencers allegedly made over $250,000 promoting the token.
MOG and Popcat began to gain momentum while MEW faltered. Recently, a Popcat player decided to act on his own. This person bet on Popcat, causing the DEX price to rise to $1.0466, buying $300,000 worth of tokens at 96-98 cents as Popcat approached $1.00. With $4 million combined in the bet, this calculated move caused other players who bet against Popcat to lose.
With the Solana-based asset up 117% since July 11, retail traders have turned their attention to POPCAT. Price increases of this magnitude have historically had a high probability of triggering a correction, where better entry points are likely to emerge. While Popcat has gained popularity as a result of this surge, it is important to be aware of market volatility and the potential for manipulation.
To win a larger bet, the person making the big purchase had to risk losing between $10,000 and $15,000.
