Summary:
- Popcat, a Solana meme coin, dropped by over 22% in a bear market.
- Popcat’s futures open interest remained stable despite the price drop.
- Popcat faced competition from newly launched Tron tokens in the market.
- Popcat price hit a key support level before experiencing a bullish breakout.
Popcat’s Futures Open Interest Stability
Popcat saw a significant drop in price this week, but its futures open interest remained relatively stable. Listings on top exchanges like Binance, KuCoin Futures, and OKX contributed to this stability. The open interest stood at $50.63 million, indicating continued demand for Popcat among traders.
Competition from Tron Tokens
Popcat and other Solana meme coins faced tough competition from newly launched Tron tokens. According to CoinGecko, these coins have accumulated a market cap of over $370 million, posing a challenge to Popcat’s market dominance in the meme coin sector.
Popcat Price Movement Analysis
Popcat’s price experienced a sharp decline after reaching a peak this week. It fell below key support levels, including the psychological level of $0.70, before showing signs of a bullish breakout. The token’s performance reflected the overall trend of meme coins in the market, impacted by factors like the crypto fear and greed index.
