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As the crypto market recovers, POPCAT emerges as a leading force, buoyed by a recent Coinbase listing and renewed investor enthusiasm.
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Notably, the rise of POPCAT coincides with broader discussions about the future of memecoins, suggesting a shift towards more substantial blockchain innovations.
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According to a report from COINOTAG, Solana’s co-founder mentioned that POPCAT’s performance indicates a potential evolution of the memecoin market into blockchain-based IPOs.
Explore the meteoric rise of POPCAT in the crypto market after its Coinbase listing and insights into the future of Solana-based memecoins.
POPCAT steals the spotlight
While the broader market leans bullish, Solana [SOL]-based memecoin POPCAT has emerged as a standout performer, surging 22% following a major exchange listing.
At press time, POPCAT was trading at $0.3017, with a hike of 12.21% in the past 24 hours. It secured the second spot among trending cat-themed memecoins on CoinGecko.
This resulted in the cat-themed crypto sector surging to a $2.76 billion market cap, outpacing the dog-themed meme sector’s 5% rise.
What might be the reason behind this surge?
This surge came in as Coinbase added POPCAT to its spot listing roadmap. This alone is typically enough to bring a token into the spotlight.
However, in the case of POPCAT, the exchange also announced the launch of a perpetual contract for the token, triggering heightened buying pressure.
Community reacts
Remarking on the same, ‘The Solana Post’ took to X (formerly Twitter) and noted,
“ $POPCAT (@POPCATSOLANA) returns as the 9th top Solana memecoin according to market cap.”
Another X user added,
Source: Shah/X
What do the metrics say?
Both spot and derivatives markets signal strong investor confidence.
According to Coinglass data, POPCAT’s Futures Open Interest [OI] spiked by 12.07% to $161.26 million at press time, while derivatives trading volume skyrocketed nearly 37.59% to $952.10 million.
What lies ahead for Solana’s memecoin?
As expected, the ongoing Solana memecoin frenzy has sparked discussions among top industry figures. Solana co-founder Raj Gokal and leading crypto analysts predict a transformative shift in the space.
They believe that the current memecoin craze is not just a passing trend but a precursor to a larger evolution—one that could pave the way for blockchain-based projects to mature into full-fledged “tech IPOs.”
Conclusion
In conclusion, POPCAT’s recent performance serves as a reflection of both the resilience within the crypto market and the growing significance of Solana’s memecoins. As investor interest surges and market metrics signal confidence, the next steps for POPCAT could potentially influence the broader narrative of how memecoins evolve in the blockchain ecosystem.
