- POPCAT hit new ATH and could edge higher if its traction extended.
- A trading executive projected that POPCAT could flip FLOKI.
Since September, cat-themed memecoin Popcat [POPCAT] has shown exemplary outperformance within its sector.
It was up +120% in the past 30 days of trading, eclipsing the rest of the sector, including dogwifhat [WIF], which held reigns in H1 2024.
Source: CoinMarketCap
That said, some community members believe POPCAT could maintain traction amid renewed speculative interest and even outpace Floki [FLOKI].
Popcat to flip Floki?
According to Andrew Kang of Mechanism Capital, POPCAT was one of the top beneficiaries of recent capital relocation to memecoins. He said,
“Popcat seems to be one of the beneficiaries of these capital flows – now in price discovery. Setting up to join the 4 greats of this cycle – BONK, WIF, PEPE, FLOKI.”
On his part, Joshua Kang, head of trading at Mozaik Capital, was confident that POPCAT could flip FLOKI.
“Popcat gonna take Floki out.”
For context, Popcat showed unique and massive traction during the market rebound in September. It was the first altcoin to hit a new ATH during that period.
Besides, with increased leverage for the memecoin on Binance, Kang claimed that POPCAT could be the ‘DOGE of CAT’ that outperforms the sector.
The memecoin sector has been the best-performing narrative on a YTD (year-to-date) basis. According to analyst Murad Mahmudov, the sector’s dominance could extend to 2025.
At press time, POPCAT was the 7th largest memecoin based on market cap, just below FLOKI. POPCAT’s recent rally has pushed it into a billion-dollar milestone. Its market size was worth $1.18 billion, while FLOKI stood at $1.26 billion.
Over the weekend, Coinglass data showed that POPCAT ranked higher against FLOKI in terms of trading volume and open interest (OI) rates.
This illustrated that POPCAT enjoyed more speculative interest than FLOKI. If the trend persists, POPCAT could flip FLOKI.
That said, at press time, POPCAT was valued at $1.2 and was in a price discovery. In the short term, key levels to watch were $1.1 and $1.4.
