Popcat up over 90%, as SHIB and DOGE see price declines
Over the past 14 days, Popcat (POPCAT) has witnessed a solid bullish momentum, rising by 113.8%, while established meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) record price declines.
Popcat price analysis
Over the past seven days, Popcat has outperformed the overall cryptocurrency market, with its price increasing by over 99% compared to a 3.90% decrease in the global market.
It has also outperformed other meme cryptocurrencies, which have seen a 3.3% increase in the same period. Popcat reached an all-time high of $0.6840 on May 4.
The current price is 12.5% below this peak. Conversely, the all-time low (ATL) was recorded on Jan. 5 at $0.0408, making the current price 16,417.60% higher than its ATL.
At the time of writing, Popcat is trading at $0.5844, with a 24-hour trading volume of $49,458,132. The token’s total supply stands at 979.98 million POPCAT.
As seen on the charts, the outlook for Popcat is generally positive, with the price expected to range between $0.3922 and $0.9363, averaging around $0.6834.
POPCAT tokens can be traded on various centralized crypto exchanges. The most popular exchange for buying and trading Popcat is OrangeX, where the POPCAT/USDT trading pair has a 24-hour trading volume of $4,447,410.83. Other popular options include Crypto.com Exchange and Gate.io.
The recent listing of Popcat on the Bybit exchange has been a significant development for the project. This listing and Bybit’s trading competition have contributed to the recent price surge and increased trading volume.
Shiba Inu, Dogecoin struggle
Both Dogecoin (DOGE) and Shiba Inu (SHIB) have traded sideways, underperforming compared to other altcoins that have experienced relief bounces.
DOGE and SHIB’s lackluster performance can be attributed to their strong positive correlation with Bitcoin. Data from IntoTheBlock shows that the price movements of these meme coins are closely tied to Bitcoin (BTC).
As a result, Dogecoin and Shiba Inu have mirrored Bitcoin’s recent uninspiring price action.
Technical analysis further paints a bearish outlook for these meme coins. Dogecoin’s net network growth is declining, indicating a lack of new users entering the ecosystem.
Additionally, Dogecoin whales have been relatively inactive, with few large transactions, suggesting weak investor confidence in the meme coin.
Shiba Inu faces similar challenges, with its on-chain metrics flashing bearish signals. The ‘Concentration’ metric indicates that SHIB whales and investors are offloading some of their holdings rather than accumulating more of the meme coin.
Due to their recent performance, both Dogecoin and Shiba Inu have dropped in the cryptocurrency rankings by market capitalization. Dogecoin has fallen from the eighth to the ninth position, while Shiba Inu has slipped from the eleventh to the thirteenth spot.
Despite recent setbacks, Dogecoin and Shiba Inu have relatively healthy 365-day MVRV (market value to realized value) ratios, indicating that holders remain profitable. However, their potential for recovery depends on a strong rebound in the broader cryptocurrency market.
Shiba Inu has also significantly increased its burn rate, with over 29 million SHIB tokens destroyed in the past 24 hours. This has sparked optimism among investors and helped the token surpass the $0.000025 mark.
Regarding price predictions, if the current trend continues, Shiba Inu’s price may reach resistance levels of $0.00002591, $0.00002966, and $0.00003719 before the end of 2024. Conversely, if the trend reverses, the price could fall to support levels of $0.00001358 and $0.00001629.
Dogecoin trades at $0.1224 at press time, while Shiba Inu exchanges hands for $0.00001700.
