A crypto trader has earned $4.36M in less than a month trading Solana’s Popcat (POPCAT), a Solana-based meme coin. Popcat price action has been rather amusing amid the recent gains.
The trader spent 4.13 million USDC to buy 6.11 million POPCAT in mid-September in the USDC/POPCAT market for $0.68. On October 7, 2024, Popcat went above $1.40 and returned 106% to those who invested.
Profitable Trade and Price Surge
Between September 12 and 13, the trader purchased 6.11 million Popcat tokens, which equates to an average purchase price of $0.68. Since then, Popcat has had some serious upside momentum, hitting an all-time high of $1.48 today. The rise allowed the trader’s holdings to grow from an initial $4.13 million to $8.49 million, netting a $4.36 million profit in just under a month.
Lookonchain reported the trader’s major trade and his track record of profits. It’s not the first time the trader made a pile from Popcat. Earlier, the trader made $1.47 million after buying 6.05 million POPCAT. This investor once again proved lucrative with this recent price spike in Popcat.
Popcat Analysis and Market Sentiment
Since early October, they (POPCAT) have been on an upward trajectory to a new all-time high of $1.48 today. The token has seen steady growth within the past 24 hours, bouncing from a low of $1.25 to a high of $1.48. Although it retraced slightly to $1.42, the meme coin still holds strong above $1.40.
According to historical data, Popcat hit an all-time high of 37,296.7% since the all-time low and an all-time low of $0.00383 in January 2024. Popcat rise is in constant price discovery, with some analysts indicating that it could rise further soon before it pulls back.
Popcat Price Broader Trends and Market Risks
According to the recent trend of meme coins gaining popularity and market traction, its rapid growth is on track. Being launched on the Solana blockchain means Popcat benefits from Solana’s features, like high transaction speed. It also ensures low costs when buying the meme coin.
Such features are more likely to attract a good number of traders. At the time of writing, Popcat has a market value of more than $1 billion, making it the 7th largest meme token in the crypto market.
Popcat is overbought, which analysts warn could cause its price to face a dip. Support levels are at $1.217, then $1.069. If it falls below these, more losses could follow, but overall, the outlook remains positive.
Profits from the whale investor suggest that meme coins can generate sizable trades for traders who time the market well. Traders are paying close attention to meme coins, and Popcat follows price discovery. Analysts predict there is more to come.
