Popcat, a relatively new Solana meme coin, jumped to a record high on Monday as the crypto fear and greed index stabilized.
The $POPCAT token is now up four straight days and reached an all-time high of $0.7563, 13,500% above its lowest point this year. Its market cap has jumped to over $700 million, making it the 9th largest meme coin in the world.
Popcat rose as Bitcoin and other altcoins increased, pushing the total market cap of all cryptocurrencies to over $2.3 trillion. The market cap of all meme coins has jumped to over $48 billion.
This rebound has pushed the crypto fear and greed index from the greed zone of 38 to the neutral point of 48. In most cases, cryptocurrencies jump when the index is in an upward trend.
Popcat’s rally also coincided with a big increase in its futures open interest, which jumped to a record high of $45 million. The interest had bottomed at $22 million earlier this month. An increase in open interest is a sign that the token is seeing more demand.
Popcat futures open interest
24-hour volume has passed Mog Coin and Brett
Meanwhile, Popcat’s 24-hour volume on centralized and decentralized exchanges rose to $78 million, its highest level since July 6th. This volume was higher than that of Brett and Mog Coin, two meme coins with a larger market cap.
Brett, the largest meme coin in the Base Blockchain had $47 million in the past 24 hours while Mog Coin had $49 million.
The same trend has happened among bigger meme tokens. For example, Pepe’s 24-hour volume stood at over $1 billion in volume, higher than Dogecoin’s and Shiba Inu’s $640 million and $245 million.
Popcat, like other meme coins, has no intrinsic value, and the developers have not indicated that they are creating an ecosystem. On its website, Popcat states that it has no intrinsic value or expectation of a financial return. It is only for entertainment purposes.
Despite this, data by DEX Tools shows that there are over 53,000 holders of the token who hope that the price will continue doing well. Some analysts believe that Popcat price has more upside to go. However, similar to other meme coins, there is a risk that insiders will start selling the token, as we saw with Beercoin and DAVIDO tokens.