Popcat hottest meme, market valuation hit $1.2 billion

Popcat was the meme coin in the past week, its market valuation hit $1.2 billion. Popcat became this week’s top meme gainer due to a huge increase in its future open interest and increased market optimism.

Although it’s unclear if the meme coin can maintain this level, CoinMarketCap data suggests that community mood is positive, the meme is trading at $1.22, 4 cents from its high, down from a market valuation of $1.2 billion.

Popcat’s value increased by over one-third within a week, reaching a new all-time high of $1.26 on October 5.

The Solana-based cryptocurrency was also up 110% over the previous month, giving it the second-largest gainer among the top 100 cryptocurrencies.

The rise of Solana-based meme assets over Ethereum can be attributed to several factors. First, the Solana blockchain is renowned for its low costs and quick transaction execution. This makes it very appealing for meme coin developers searching for a high-performance platform.

Furthermore, the Solana ecosystem appears to be benefiting more from the growing public interest in meme coins inspired by pets, as it has effectively capitalized on this trend. Investors seem more inclined to resort to Solana meme coins. As opposed to Ethereum tokens like Floki and Shiba Inu, consider tokens like Popcat and Dogwifhat.
One of the primary positive justifications for Popcat is its highly distributed ownership, with large holders controlling just 17% of the total supply per CoinCarp data.

Popcat has been well received by the meme community partly because it is less susceptible to manipulation by “whale” traders and provides a more stable and equitable trading environment.

The Popcat meme coin’s inventor has not been identified by name. The meme of Oatmeal the cat chirping at a bug is what made the token so popular. The video, which showed Oatmeal with its mouth open and closed alternately, soon became a GIF.