Soars 57% Weekly While Early Investor Takes $7.32M Profit

TLDR

• POPCAT has surged 57% in the past week, trading at $0.3467 with a daily volume of $147 million
• Technical analysis shows a bullish breakout from a falling wedge pattern, with price breaking above the 50-period SMA
• A major whale recently dumped 10 million POPCAT tokens worth $3.15 million on Bybit, after making 633% profit
• Coinbase’s recent launch of POPCAT perpetual contracts has contributed to positive market sentiment
• Despite the whale selloff, the token maintains momentum with futures open interest increasing 7% to $167.88 million

The Solana-based meme coin POPCAT has demonstrated remarkable price action over the past week, recording a 57% increase in value despite broader market volatility. As of the latest trading session, POPCAT is trading at $0.3467, with daily trading volume holding steady at $147 million.

Technical analysis of POPCAT’s price movement reveals a notable breakout from a falling wedge pattern, traditionally interpreted as a bullish reversal signal. The token has successfully broken above its 50-period Simple Moving Average (SMA) at $0.3366, suggesting growing buying momentum in the market.

Adding to the technical landscape, the Relative Strength Index (RSI) currently sits at 58.98, having moved upward from oversold territory. This indicates increasing buying pressure while maintaining room for potential further upside before reaching overbought conditions.

The Moving Average Convergence Divergence (MACD) indicator has produced a bullish crossover, with the blue MACD line crossing above the orange signal line. The growing histogram bars further support the presence of positive momentum in line with the wedge breakout.

Market attention was drawn to a recent development involving a major token holder. An early POPCAT investor, dormant for two months, has deposited 10 million tokens worth approximately $3.15 million to the Bybit exchange. On-chain data reveals this particular wallet address ‘8icKq’ initially purchased 9.27 million tokens with 350 SOL in December 2023.

The trading strategy employed by this early investor has resulted in substantial profits, with data showing returns of $7.32 million, representing a 633% gain on their initial investment. The trader has now liquidated most of their holdings, retaining slightly over 1 million tokens.

An early $POPCAT holder broke a 2-month silence, depositing 10M $POPCAT ($3.15M) to #Bybit ~7 hours ago.

Notably, this whale bought POPCAT as early as Dec 14, 2023, swapping 350 $SOL ($24.5K) for 9.27M $POPCAT. Now, only 1.173M $POPCAT ($404K) remains, with $7.32M (+633%) in… pic.twitter.com/Obdro8ejn2

— Spot On Chain (@spotonchain) February 14, 2025

Coinbase’s recent expansion of support for POPCAT has emerged as a key driver of market sentiment. The leading cryptocurrency exchange’s launch of perpetual contracts for the token has contributed to increased market exposure and trading activity.

The futures market for POPCAT shows growing interest, with open interest rising 7% to reach $167.88 million. This increase suggests continued speculative activity and market participation despite the recent whale selloff.

Trading Data

Daily trading data shows POPCAT maintaining momentum, with prices ranging between $0.2837 and $0.3511 over the past 24 hours. The token has recorded an 8% increase during this period, suggesting resilient buyer demand.

Looking at key price levels, the 200-period SMA at $0.9189 represents a major resistance point. A breakthrough above this level could confirm a shift toward a longer-term bullish trend.

Short-term price targets identified by market analysts include $0.90, which coincides with the 200-period SMA. Additional resistance levels are noted at $1.20 and $1.80, based on previous price action.

Support levels are currently established around $0.33, with additional support near $0.25 should prices retrace. These levels may prove crucial in maintaining the current upward momentum.

Market expert ‘AltCryptoGems’ has noted that POPCAT, along with other meme coins, has faced pressure amid market turbulence since late 2024. The analyst points out that a 10X increase would be needed to reach previous all-time highs.

Trading volume distribution shows balanced activity across major exchanges, with Bybit receiving increased attention following the recent whale deposit. The exchange has processed a notable portion of POPCAT transactions over the past 24 hours.

Latest data from GeckoTerminal confirms the breakout from the falling wedge pattern, with price action maintaining positions above key moving averages.