Popcat Becomes the First Cat Memecoin to Reach a $1 Billion Market Cap

The Solana-based memecoin Popcat (POPCAT) has captured headlines over the past week, becoming the first cat-themed token to reach a $1 billion market cap.

Solana-based memecoin Popcat (POPCAT) has made headlines over the past week, becoming the first cat-themed token to reach a $1 billion market capitalization.

The token, which has experienced a massive surge of over 230% in the past month, has climbed the charts since July 11, breaking above a $900 million market capitalization on July 16. On that day, the Solana-based memecoin surpassed Ethereum’s MOG to become the largest cat-memecoin by market cap.

Popcat continued its upward trajectory, reaching the $1 billion market cap on July 20 to become the first cat memecoin to achieve this milestone. By the following day, the token hit its all-time high of $0.9939, according to data from CoinGecko.

Currently, Popcat ranks as the eighth-largest memecoin by market cap, sitting above “Cat in a dog’s world” (MEW) and MOG. Notably, MEW has also seen a significant surge this week, trading up 98.2% over the past seven days.

During the second quarter, cat-themed tokens have shown substantial growth, breaking into the top 10 memecoin list. A survey by CoinGecko revealed that the category became the 14th most popular crypto narrative in Q2.

Despite these achievements, some crypto analysts and investors are warning of potential corrections.

Team Lambo Charts shared on X that Popcat had a fresh breakout earlier today, moving out of a downtrend after retesting the $0.84 mark. If the token manages to hold above this range, analysts believe a retest of the $1 resistance level could be on the cards, with an initial target set at $1.08 for a short-term 25% move.

Market observer VikingXBT also commented on Popcat’s performance, noting that it makes sense on the lower timeframe as it hit a psychological target. He highlighted the current retraces and retests of old resistance levels as positive signs, advising investors to be patient as the token continues its ascent.

However, not all analysts are optimistic. On Monday, popular analyst Altcoin Sherpa shared his concerns on X, expressing apprehension that if Popcat prints a lower high or shoulder, it could lead to a sell-off that might impact all cat-themed tokens. Despite this, he remains cautiously optimistic, believing that cat-themed memecoins will perform well and eventually catch up.

At the time of writing, the leading cat-themed cryptocurrency is up by 12% and 27% on the daily and weekly timeframes.

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