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Key Takeaways:
- Whales accumulated 8.5 million POPCAT tokens, increasing total supply held to 64.74%, signaling confidence in further gains.
- Open Interest and trading volume surged, with the Long/Short Ratio favoring bullish bets.
- Profit-taking has begun, reflected by a rise in exchange supply and net outflows — potentially capping short-term upside.
Popcat (POPCAT), one of the breakout stars among memecoins, has rallied 16.14% after defending the critical $0.28 support zone. The surge took the token to a 3-week high of $0.3403 before retracing slightly to $0.336 at press time. Accompanying the price rise was a 113% spike in trading volume, which reached $84.7 million — signaling a surge in market interest and on-chain activity.
Whale Accumulation Signals Strong Investor Conviction
A key catalyst behind Popcat’s upward trajectory has been significant whale activity. According to Nansen data, the top 100 holders of POPCAT tokens boosted their holdings by 14.28%, pushing their total value to $634.39 million.
On July 10, these whales acquired an additional 8.5 million tokens, raising their control of the total supply to 64.74%. This level of accumulation suggests that large holders are positioning themselves ahead of an anticipated price breakout, reflecting strong confidence in the token’s short-term and long-term potential.
Derivatives Market Turns Bullish
Bullish sentiment was also reflected in the derivatives market. CoinGlass data shows Popcat’s Open Interest (OI) soared 19.3% to $172.9 million, while derivatives volume spiked 94.55% to $551.34 million. More notably, the Long/Short Ratio rose above 1.13, indicating a dominance of long positions across major exchanges.
This spike in both OI and volume points to increased speculative interest and suggests that traders are betting on further price appreciation.
Profit-Taking Activity Emerges Despite Bullish Momentum
While whales are accumulating, some holders are taking the opportunity to cash out. Spot Netflow spiked to $485.9K before easing to $278K, reflecting a wave of profit realization. Simultaneously, Supply on Exchanges rose by nearly 12% to $404.2 million, hinting at elevated selling pressure.
Despite this, the memecoin’s momentum indicators remain bullish. Popcat’s Stochastic RSI hit 86.73, suggesting strong upside momentum. The Relative Strength Index (RSI) also climbed to 54, signaling that the asset has entered bullish territory, though overbought conditions could trigger short-term volatility.
Also Read: Popcat (POPCAT) Eyes Breakout After Defending $0.30 Support Amid Surge in Buyer Demand
The technical and on-chain data currently support a bullish outlook for Popcat, especially if whale activity remains consistent and profit-taking subsides. If buyer momentum holds, POPCAT could reclaim $0.36 and set sights on $0.40 in the coming days.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
