The seven-day chart wasn’t exactly a catastrophe for major crypto assets Wednesday, but most top coins were in the red. That included a 3% slide for Bitcoin after a sudden drop in open interest for BTC futures among institutional crypto investors.
Meanwhile, Popcat showed special strength among meme coins. Most blue chip memes were down for the week, like Dogecoin (-6%), Pepe (-2%), and Bonk (-2%). But Popcat posted astounding 52% weekly gains by the middle of the day Chicago time Wednesday.
Here’s why Popcat’s price popped over the past week.
Why Popcat Topped 7D Price Leaders Wednesday
Among other ongoing support for Popcat’s price, such as its large market cap (above $600 million this week), high liquidity, and strong meme community, Binance recently offered a crypto derivatives product for the Solana cat meme coin. The exchange announced the new Popcat product a week ago on Thursday, Aug. 22.
For the filthy degenerate who doesn’t find 52% weekly price gains on a meme coin exciting enough, Binance listed Popcat-USDT perpetual futures contracts with up to 75x leverage on its menu.
The company also listed futures contracts for Tron’s SUN tokens at the same time, helping the $300 million governance and utility token to fly up the charts by 91%, according to CoinMarketCap data.
Lookonchain spotted a whale-sized, $5 million purchase of Popcat using SOL tokens on Aug. 22. That probably chummed up the waters for the Popcat crowd.
Layer 1 Solana Support for Popcat
Solana was the only top 10 crypto that was up for the week ending Wednesday. So that might have been why crypto markets rewarded one of its leading meme coins with massive gains.
Over the past year, enthusiasm for Solana and Ethereum’s competitor’s meme coins has been unstoppable. That was clear enough with the market-beating Bonk rally in Q4. Bonk is Solana’s answer to Ethereum’s Shiba Inu.
It posted over 7,000% ROI for 2023, according to CoinGecko data, and was the leading crypto for the year by this metric. But Pepe did warn last year that the dog days are over. Popcat delivered the most ROI out of all major meme coins in Q1 this year. The performance this week shows the big cat’s market has the fever to keep pumping in Q3.