Popcat has surged by 53% over the past week. Amidst increased market optimism and a surge in futures open interest, Popcat reaches a new ATH
Amidst increased market optimism and a surge in futures open interest, Popcat reaches a new ATH.has experienced exponential growth over the past month. As such, it has become the top earning memecoin while others have experienced a decline on weekly charts.Over the past 24 hours, Popcat has hit a new ATH surpassing the $1.4 mark. During this period, the memecoin reached $1.47. In fact, as of this writing, Popcat was trading at $1.45. This marked a 53.
Additionally, Popcat has become the highest earning memecoin on monthly charts as it surged by 185. 86%.What’s driving the surgeFor starters, one of the factors driving the memecoin’s surge is the sudden rise in futures open interest. According to Coinglass data, open interest has surged by 23. 51% to $234.9 million.
As such, futures open interest has hiked from a low of $121.5 million to $237.1 million. A surge in open interest shows investors confidence in the memecoin’s direction as they open new positions.Additionally, increased market optimism has also played a major role in Popcat’s sustained rise. This was illustrated by the significant increase in trading activities. Thus, the memecoin’s volume has surged by 93% to $1.06 billion.
Therefore, if the current market conditions hold, the memecoin will hit a new high of $1.6 in the short term.
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