The post POPCAT bounces back as traders shy away from overheated DOGE: What now? appeared on BitcoinEthereumNews.com.

POPCAT traders have strategically seized the recent “dip” to bolster their holdings.  Another significant factor is also propelling the surge. After a mid-week pullback, Popcat [POPCAT] bounced back with an impressive 11% surge in the last 24 hours, securing its spot among the top gainers. While Dogecoin [DOGE] dominates the weekly leaderboard with over 30% gains, it only managed a modest 2% daily increase, significantly trailing behind its feline counterpart. This resurgence prompted AMBCrypto to explore potential patterns shaping the memecoin market. Uncovering a key POPCAT strategy Interestingly, as Bitcoin [BTC] began its ascent a week ago – marking the start of a bull cycle that pulled it out of a four-month slump – POPCAT hit its ATH of $1.50 on the same day.  However, it couldn’t keep the momentum going, now trading at $1.37 and facing some notable pullbacks along the way. In the meantime, DOGE, the leading memecoin by market cap, has surged an impressive 30% to $0.15. It’s clear that investors have flocked to DOGE as their altcoin of choice, eager to diversify away from BTC in a bid to mitigate risk. Yet, an AMBCrypto report suggests that DOGE may be overheating and could be due for a correction soon. The rising popularity of POPCAT could further solidify this trend, keeping DOGE from making further gains. Source: Coinglass In a significant exploration, AMBCrypto uncovered a key strategy employed by spot traders to manipulate the memecoin market. Exactly a week ago, when POPCAT dropped to a local low of $1.23 just three days after hitting its ATH, traders withdrew a massive stash of tokens – amounting to $4 million – from exchanges. This price point clearly served as a target for a dip, marking the start of an aggressive accumulation phase. Additionally, these buyouts capitalized on the fear…

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Filed under: News - @ October 21, 2024 10:12 pm