- POPCAT has historically risen with each mention
- Will the addition of Kraken continue this trend, or will market volatility intervene?
Solana [SOL]-based memecoin POPCAT is up 20% in 7 sessions, reaching $0.6633 at the time of writing. Kraken’s upcoming listing, announced on X (formerly Twitter), is in line with the FOMC’s interest rate cut decision. Therefore, it can be expected to increase the visibility and value of POPCAT.
This also raises an important question: could this listing serve as a catalyst for POPCAT to reach its next all-time high?
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Historically, POPCAT has been listed on KuCoin, Bybit and OKX. While quotes usually bridge ask and bid orders, the chart below also highlights their substantial impact on price action.
Source: Coinalyse
Bybit, the fourth largest spot exchange with a daily volume of $4 billion, listed POPCAT on June 21. The day before the listing, POPCAT tested the $0.22235 support level. However, despite bearish pressure, the price rose to $0.60 within a week.
Surprisingly, Bitcoin saw a strong downward move during the same period, falling below $60,000 two weeks after testing the $70,000 ceiling.
In short, Bybit’s stock market listing acted as a catalyst for POPCAT, which rose more than 160% despite broader market volatility. Within a month of listing, POPCAT tested nearly the $1 high range and closed at $0.99997.
Something similar happened when Binance listed POPCAT on the futures market. The price of the token rose from $0.58 to $0.75 in just three days.
Source: Coinglass
Additionally, OI increased from $2.40 million to $14.85 million in 20 days – an increase of 518%. Additionally, total OI increased from $38 million to $62.44 million.
And yet, the price impact failed to materialize this time, despite futures trader interest mirroring July’s ATH.
Can Kraken’s listing help POPCAT reach $1, or will volatility hinder its progress?
Time will tell
Despite Kraken’s announcement, POPCAT remains vulnerable to Bitcoin’s downturn, as evidenced by its decline in late August. Because memecoins rely on community support, their social performance is critical.
Source: Santiment
After a bearish start to September, POPCAT social volume has soared, reflecting the impact of the announcement. Volume at the time of writing was approaching early July levels and corresponded to a 12% increase from the previous day’s closing price.
Read POPCAT Price Forecast 2024-25
Here it is worth repeating that the timing of POPCAT’s stock exchange listing is also critical, in line with the date of the FOMC meeting. Whether by chance or design, stakeholders will be keeping a close eye on both events, which could impact POPCAT’s performance.
Currently, the $0.70 ceiling is crucial. If tested, it could increase the odds of POPCAT hitting $1 depending on how these events unfold.
