Solana [SOL]-based memecoin POPCAT caught investors off guard with its remarkable performance last week of 90% growth
caught investors off guard with its remarkable performance last week. However, things have slowed down in the last 24 hours as the memecoin started to consolidate.Thanks to that, the memecoin swiftly gained market capitalization and became the 84th largest crypto. At the time of writing, the memecoin was trading at $0.7459 with a market cap of over $730 million.
While POPCAT’s price showcased the bull rally, its trading volume also surged. To be precise, it ranked 59 on the list of cryptos by trading volume on CoinMarketCap. However, AMBCrypto’s look at Santiment’s data revealed that investor sentiment around the memecoin changed. After a massive spike on the 23rd of August, POPCAT’s weighted sentiment entered the negative zone, meaning that bearish sentiment increased.A possible reason behind the drop in social metrics could be the halt in its bull rally. In the last 24 hours, the memecoin’s volatility dropped as its price only surged by 2%.
In fact, our look at Coinglass’ data revealed a bearish metric. The memecoin’s long/short ratio dropped, indicating that there were more short positions in the market than long positions.AMBCrypto’s look at the memecoin’s daily chart revealed that the Chaikin Money Flow moved sideways. The Relative Strength Index registered a downtick, hinting at a price correction. If that happens, then POPCAT might first drop to $0.64.
At the time of writing, WIF was trading at $1.83 with a market capitalization of over $1.83 billion. On the other hand, BONK was valued at $0.0000206 with a market cap of over $1.43 billion.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space.
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