Solana meme coin POPCAT worth has defied the present crypto market volatility by extending its weekly rally to over 60%. However, regardless of exceptional worth positive aspects, a crypto whale, additionally an early purchaser of the token, has lately offloaded a whopping 10 million cash to Bybit. On-chain knowledge revealed that this dealer continually dumped large quantities so far, elevating marketwide speculations of a looming worth dip for the cat-themed meme coin.
POPCAT Price At Risk? Early Buyer Whale Dumps Heavily Sparking Concerns
According to the data by Spotonchain on February 14, a holder of the Solana meme coin revived after 2 months of dormancy to deposit 10 million tokens value $3.15 million to Bybit. This whale is registered to be an early purchaser of the meme coin, because it purchased large quantities as early as December 2023.
Data revealed that the tackle ‘8icKq’ purchased 9.27 million tokens with 350 SOL as of December 14, 2023. However, the dealer has offloaded practically all his holdings so far, forsaking barely over 1 million cash. Intriguingly, Spotonchain revealed that this dealer made a $7.32 million revenue (+633%), strategically buying and selling amid POPCAT worth motion shifts.
In flip, the current determination to dump tokens sparked marketwide speculations, because it could possibly be attributable to additional revenue reserving amid a 60% weekly rally. Further, traditional market sentiments flashed uncertainty because the selloff may be because of the dealer’s lack of confidence within the asset’s potential to achieve extra forward.
What’s Fueling The Rally?
Simultaneously, it’s additionally value mentioning that Coinbase’s growth of assist for the Solana meme coin considerably uplifted its market sentiment over the previous few days. CoinGape reported that Popcat’s price rallied as Coinbase lately unveiled a perpetual contract launch for the asset.
Meanwhile, such backings or optimistic updates from the top crypto exchanges normally increase market sentiment. Having mentioned that, it seems that Coinbase’s assist has projected a bullish outlook for the Solana meme coin, contributing to heightened market publicity for the asset.
Is The Pump Coming To An End?
At the time of reporting, POPCAT worth witnessed an 8% pump and is buying and selling at $0.3495. The coin’s 24-hour high and low have been $0.2837 and $0.3511, respectively. Weekly positive aspects for the asset totaled 63%. It seems that the Coinbase replace acted as a main catalyst for the current surge.
Notably, Coinglass knowledge indicated that the meme coin’s futures OI soared over 7% to achieve $167.88 million. It seems that the broader market sentiments for the asset are optimistic in the intervening time regardless of the selloff.
However, famend market skilled ‘AltCryptoGems’ lately took to X, elevating warning in opposition to the top Solana meme coin. The analyst spotlights how among the meme coin charts have taken extreme warmth amid the broader market turbulence since late 2024.
“We got a nice bounce from demand, but we need another 10X to reach the all-time high again,” the analyst acknowledged, highlighting POPCAT worth chart. He additional concluded, “Be cautious making an attempt to pressure your hand with these; no less than await a correct every day reversal!’ exercising warning over the dynamic meme-themed asset’s future outlook.
Coingape Staff
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