- Popcat Coin reached a new all-time high of $1.08, surpassing $1 billion in market cap
- On-chain data shows Open Interest (OI) hit a record 93.52 million, indicating bullish sentiment
- Despite a slight price dip, the increasing OI suggests further potential for growth
Popcat, the cat-themed meme coin developed on Solana, has reached a new all-time high. This shows the enthusiasm for meme coins as the market returns to a bullish phase. But POPCAT’s price isn’t the only interesting point; other prospects lie ahead for the token.
Popcat is Solana’s record-breaking meme coin
For months, POPCAT didn’t surpass $1. But today, September 25, the Solana meme coin rose to $1.08, marking a new high.
Additionally, Popcat’s market capitalization has exceeded $1 billion. Market capitalization is calculated by multiplying the circulating supply by the price of the single token. So, if no new coins are issued and the price rises, the market cap grows accordingly, as POPCAT’s has done.
On-chain, data from Santiment shows that Open Interest (OI) has reached a new record. Currently, the meme coin’s OI stands at $93.52 million. OI indicates the open contracts in the market and measures the sentiment and strength of a trend.
An increase in OI shows that new capital is coming in, which could, in turn, support the upward price trend. A decrease in OI, on the other hand, indicates a reduction in open positions on the asset and usually weakens the upward trend.
Now, the price of POPCAT has slightly dropped. If this trend continues, the bullish momentum could weaken despite the increase in OI.
Conclusion
In conclusion, Popcat Coin has reached significant milestones, setting a new all-time high and attracting market attention. However, the recent price drop could indicate a pause in the bullish trend, despite the increase in Open Interest. POPCAT’s future will depend on maintaining this momentum and the inflow of new capital.
