Solana’s minor surge may be linked to POPCAT memecoin – Here’s how
The post Solana’s minor surge may be linked to POPCAT memecoin – Here’s how appeared on BitcoinEthereumNews.com.
Solana’s 2% surge coincided with POPCAT’s listings on two exchanges. Despite this, SOL could remain in a consolidation phase if key market conditions are not met. Solana [SOL] has struggled with a bearish trend for the past two weeks, having last broken through the $200 barrier about six months ago. At press time, it was trading at $145. Despite this bearish outlook, Solana surged by 2% in the last 24 hours, a jump that coincided with the listing of POPCAT on Binance and KuCoin. On the 22nd of August, Binance launched perpetual contracts for the Solana-based memecoin POPCAT, and KuCoin listed a POPCAT/USDT trading pair on its spot market. As a result, POPCAT surged over 20% following the listings on both exchanges. Given that Solana often relies on its memecoins during periods of market volatility, could POPCAT be the next catalyst for Solana’s rise? AMBCrypto investigates. POPCAT’s rise on Solana catches investor interest Renowned analytical firm Lookonchain revealed on X (formerly Twitter) that following Binance’s announcement of POPCAT perpetual contracts, a whale withdrew 39,816 Solana, worth $5.73 million, from the CEX to buy 10 million POPCAT memecoins. This underscored the rising dominance of memecoins on the Solana network. To better understand the impact of meme token on Solana, AMBCrypto analyzed the latest market trends. The finding revealed several key insights. Source : KuCoin On the day POPCAT officially entered the KuCoin spot exchange, buy orders for SOL outnumbered sell orders by 13%. Meanwhile, the aggregate net exchange flow remained negative. Simply put, Investors might be buying SOL to participate in the POPCAT memecoin ecosystem, showing confidence in Solana-based projects. Source : Coinglass The negative net flow indicates that more Solana is being withdrawn from exchanges than deposited, possibly due to the whale activity mentioned earlier. This activity may have influenced Solana’s price…
Filed under: News - @ August 24, 2024 6:06 am