Solana Meme Coin Popcat Token Plummets token price is plummeting, causing it to lose market share after a surge of more than 4,400% in 2024. In terms of percentage, Popcat is 2.3%. With a market valuation of $762 million, Popcat’s price has fallen more than 62% from its peak this year. Pudgy Penguins, Dogwifhat, Fartcoin, and ai16z have surpassed it, causing it to fall from second to sixth place among Solana meme coins.
The price of Popcat plummeted as institutional investors kept unloading their stakes. According to Nansen, the number of smart money investors who own the token has decreased from 70 to 30. Additionally, the value of the tokens held by these investors has decreased from 2.10 billion in May to 2.07 billion today.
Popcat Token Decline Amid Solana Meme Surge
There are indications that investors are selling Popcat Token Plummets as the number of them on exchanges has continued to rise. Around the past week, the value of these tokens has increased by 2.77 per cent, reaching around 248.32 million. The fact that new tokens in the Solana meme currency sector are going viral rapidly is probably to blame for this precipitous decline. Pudgy Penguins, the most recent, is now the second most valuable Solana meme currency. Goatseus Maximus, Moo Deng, and Peanut the Squirrel came before that.
The daily chart of the POPCAT coin has developed numerous bearish patterns, indicating a potential further decline. It broke below the $1,900 neckline that it had created on December 14 to complete a head-and-shoulders pattern.
Technical Indicators Paint Popcat Token Bearish
What is commonly known as a mini-death cross has occurred between the 50-day and 100-day moving averages, and it is bearish. Along with the bearish pennant pattern, the Popcat price has created a symmetrical triangle pattern and a lengthy vertical line. Typically, a bearish continuation follows this pattern. Along with Popcat, the 61.8% retracement level is now in play. As a result, we should expect the token’s price to continue falling. The 78.6% retracement point is at $0.4470, or 42% below where it is now.
Final Thoughts
Despite its enormous gain in 2024, Popcat Token plummeted in price and market share fell precipitously, demonstrating the unpredictability of meme currencies in the dynamic cryptocurrency market. The token has dropped from second to sixth place among Solana meme coins, a considerable decline. With numerous new meme tokens gaining popularity, institutional sell-offs and negative technical indicators point to a further downward trend. Popcat must overcome these obstacles and restore market confidence if it is to survive in the face of dwindling investor interest and price patterns indicating additional losses.
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