- POPCAT has historically surged with each listing
- Will Kraken’s addition continue this trend, or will market volatility intervene?
Solana [SOL]-based memecoin POPCAT has surged by 20% in 7 sessions, hitting $0.6633 at press time. Kraken’s upcoming listing, announced on X (formerly Twitter), aligns with the FOMC rate cut decision. Hence, it can be expected to amplify POPCAT’s visibility and value.
This also raises a significant question – Could this listing serve as a catalyst for POPCAT to hit its next all-time high?
Listings have boosted POPCAT before
Historically, POPCAT has been listed on KuCoin, Bybit, and OKX. While listings usually bridge ask and bid orders, the chart below highlights their substantial impact on the price action too.
Source : Coinalyze
Bybit, the 4th largest spot exchange with a $4 billion in daily volume, listed POPCAT on 21 June. The day before the listing, POPCAT tested its $0.22235 support level. However, despite bearish pressure, it surged to $0.60 in a week.
Surprisingly, Bitcoin saw a strong downward swing over the same period, dropping below $60k two weeks after testing the $70k ceiling.
In short, Bybit’s listing acted as a catalyst for POPCAT, which surged by over 160% despite broader market volatility. Within a month of the listing, POPCAT nearly tested the $1 high range, closing at $0.99997.
Something similar happened when Binance listed POPCAT on the Futures market. The token’s price soared from $0.58 to $0.75 within just three days.
Source : Coinglass
Additionally, the OI surged from $2.40M to $14.85M in 20 days – A 518% increase. Additionally, the total OI rose from $38M to $62.44M.
And yet, despite Futures traders’ interest mirroring July’s ATH, the price impact fell short this time.
Can Kraken’s listing help POPCAT reach $1, or will volatility hinder its progress?
Time will tell
Despite Kraken’s announcement, POPCAT remains vulnerable to Bitcoin’s downturns, as evidenced by its late August drop. As memecoins rely on community support, their social performance is key.
Source : Santiment
After a bearish start to September, POPCAT’s social volume has surged, reflecting the announcement’s impact. Its volume, at press time, was approaching early July levels and aligned with a 12% hike from its previous day’s close.
Read POPCAT Price Prediction 2024-25
Here, it’s worth reiterating that the timing of POPCAT’s listing is critical too, aligning with the FOMC meeting date. Whether by coincidence or design, stakeholders will closely monitor both events, which could affect POPCAT’s performance.
Currently, the $0.70 ceiling is crucial. If it’s tested, it could bolster the likelihood of POPCAT hitting $1, depending on how these events unfold.