Popcat, a top Solana meme coin, re-entered a bear market, falling by over 22% from its highest point this week. 

The Popcat (POPCAT) token dropped to a low of $0.6098, its lowest level since Aug. 23, erasing most of the gains made earlier this month. This retreat gave it a market cap of over $608 million.

Popcat’s futures open interest is stable

Earlier this month, Popcat rose for seven consecutive days after Binance listed its futures, allowing users to trade it with up to 75x leverage. More exchanges like KuCoin Futures and OKX also listed Popcat’s futures this week.

Cryptocurrencies tend to rise sharply after being listed by top tier-1 exchanges and then pull back as the hype retreats.

These listings explain why Popcat’s futures open interest has been relatively stable this …