The Solana-based memecoin Popcat has slipped nearly 15% in the last 24 hours after reaching an all-time high of $1.47 on Monday.
On the first day of the week, as the broader crypto market attempted a comeback, with Bitcoin briefly surpassing the $64k mark, Solana-based memecoins posted double-digit percentage gains. Popcat surged over 19% on the intraday chart, setting a new all-time high.
However, on Tuesday, the token failed to maintain momentum, shedding nearly 15% and losing over $200 million from its fully diluted market cap in 24 hours. At the time of writing, the Solana-based memecoin was trading at $1.23.
Why Popcat Price May Drop Further
Despite a bullish community sentiment, Popcat may drop further due to increasing selling pressure. After the coin hit an all-time high on Monday, investors rushed to book profits, causing a sharp decline in its price.
On Tuesday, trading volume remained relatively stable, decreasing by just 1.2%. This indicates that despite the price drop, there aren’t many buyers stepping in, and many expect the token’s price to fall further.
A community member sharing his views on CoinMarketCap’s Community Page
Combined with a broader retracement pushing most major cryptocurrencies into the red on Tuesday, the chances of PopCat reaching a new ATH beyond the crucial $1.5 mark are slim.
Just a month ago, on September 9th, PopCat was trading at $0.49. Over the last 30 days, it has made consistent gains, increasing its value by more than 134%. However, Tuesday’s 14% drop has caused investors to pause, as many anticipated a price correction.
Popcat price has surged without any noticeable price correction since Sept 10th. Source
If this Solana-based memecoin drops below the $1.10 mark, we could see further retracement, potentially pushing PopCat’s price under $1.
Other Solana-Based Memecoins Also Down
Other Solana-based memecoins, including Dogwifhat and Bonk, have also lost value in the last 24 hours. Dogwifhat is down 5.6% to $2.48, while Bonk has dropped 5%.
Solana itself has declined by over 2% in the last 24 hours. Other leading memecoins, including Dogecoin and Shiba Inu, are also down by more than 3%.
The drop in memecoin prices coincides with a retracement in the broader crypto markets. On Tuesday, Bitcoin fell below $63k, while Ethereum dropped under $25k.
Sui, with strong price action, stands as an outlier, gaining over 5% day-on-day and crossing the key $2 mark.
