Breaking News

web3bzz

Allow notificationsđź”” to receive the latest news and updates.

Popcat Soars 34%: The Catalyst Behind the Surge?

Popcat sees 34% surge as Fed rate cut boosts crypto market, with market cap reaching $851.67 million

2 min 30 sec September 19, 2024

Highlights:

•

$POPCAT surged 34% after the US Fed's interest rate cut announcement.

•

$POPCAT’s market cap hit $851.67M, nearing its recent all-time high of $0.9976.

•

Binance’s 75x leverage contracts boosted interest, alongside Solana ecosystem hype.

Popcat Soars 34%: The Catalyst Behind the Surge?

Popcat (POPCAT) surged 34% following the US Federal Reserve’s rate cut announcement. The meme-based token saw its price jump from $0.6556 to a high of $0.8784 before settling at $0.87. 

 

In just 24 hours, Popcat locked in 23% gains. The token’s one-day trading volume spiked by 54%, with $153 million worth of tokens exchanged.

 

Popcat’s Performance Breakdown

 

The price of $POPCAT gained by 30% over the past week and 74% in a month. The year-over-year growth is an astounding 5,254%. 

 

The recent rally pushed Popcat’s market cap to $851.67 million. This places it among the top 75 cryptocurrencies by market valuation. 

 

The price is now only 12% below its all-time high of $0.9976. This price surge has been boosted by two key factors. First, excitement around Solana (SOL) following the release of its new mobile phone. 

 

Second, Binance recently introduced USD-margined POPCAT perpetual contracts, offering 75x leverage. This has driven further interest in the token.

 

What’s Driving Popcat’s Surge?

 

 

The US Federal Reserve’s decision to cut interest rates by 50 basis points helped Bitcoin rise to $62K. This created a positive sentiment across the crypto market. 

 

Analysts believe that one factor that has influenced Popcat’s price action is the U.S. Federal Reserve’s decision to cut interest rates. Lower rates typically push investors toward high-risk, high-reward assets like cryptocurrencies. 

 

According to data from Coinglass, short crypto liquidations surpassed long positions by $57.95 million. On the other hand, total liquidations hit $203.43 million. 

 

Short liquidations made up $130.69 million of that, showing a strong bullish trend. The hype around the Solana ecosystem also contributed to Popcat’s rise.

 

With such stellar performance, $POPCAT could surge to its all-time high soon. The token’s rapid growth and strong backing show how meme tokens can still make significant moves during favorable market conditions.

 

Subscribe To

Web3Buzz

Connecting you to the world of Web3

Related News

People also like to read

Latest News