Crazy Buying of Solana's Meme Coin POPCAT Following Huge Announcement

One of the meme coins that stole the show in crypto today is POPCAT, as its price pumped over 30%. While the market is in the green today, it's rare to find a high-cap altcoin with a double-digit pump.

A meme coin on the Solana blockchain, POPCAT, has experienced a remarkable surge in value, with prices skyrocketing by over 30% amid a broader market upswing.

As the cryptocurrency market basked in the glow of green on Monday, a surprising development emerged with the surging prices of high-cap altcoins, a phenomenon rarely observed during market rallies. Among these altcoins, POPCAT’s double-digit pump caught the attention of traders and analysts alike.

According to a recent report by LookOnChain, a significant event may have played a role in this surge. Following Binance’s announcement regarding the launch of POPCAT perpetual contracts, a whale withdrew a substantial amount of 39,816 SOL (roughly valued at $5.73 million) from the Binance exchange. This transaction was reportedly intended to purchase 10 million POPCAT tokens.

Highlighting the transaction in a tweet, the crypto sleuth shared an image of the withdrawal, which further depicted the crediting of the purchased POPCAT tokens to the whale’s wallet.

A meme coin inspired by the viral Popcat internet meme, the cryptocurrency features an image of ‘Oatmeal,’ a cat known for two distinct facial expressions: one with a closed mouth and the other wide open in an ‘O’ shape. The meme, which gained popularity in October 2020, showcased these expressions in a loop, creating a ‘popping’ sound.

Initially, the Popcat meme served as a simple yet amusing creation, but it has since evolved into a cryptocurrency project on the Solana blockchain. This development underscores the profound influence of internet culture on the crypto space, merging these worlds in a unique and captivating way.

As a result of its rapid ascent, Popcat ($POPCAT) has become the third most popular meme coin on Solana, following Chainlink and Dogwifhat in terms of market capitalization. Commencing with an initial market cap of $200,000, the coin has experienced an incredible surge, now boasting a market value of over $500 million.

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