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The Solana-based Popcat meme coin surged 117% since July 11, raising suspicions of insider trading.
Hope Amidst the Surge
Retail traders took notice of the recently created Solana joke coin, sending its price soaring 117% since July 11. On the other hand, there is a glimmer of hope that not many people are aware of.
In 2024, a wager was made on Polymarket on which meme coin featuring cats would be the first to reach a market capitalization of $1 billion, per U.Today.
In April, Mew had the highest all-time valuation at about $800 million. However, the token's demise was precipitated by negative publicity generated by specific influencers who marketed it in dubious ways and claimed that the token had VC backing.
It is said that Ansem and other influencers earned more than $250,000 through the promotion of the coin.
Popcat Gains Ground as MEW Stumbles
As MEW stumbled, MOG and Popcat started to gain ground. A Popcat bettor just decided to go it alone.
A stakeholder staked $300,000 worth of tokens at 96-98 cents as Popcat approached $1, prompting the DEX price to increase to $1.0466. This strategic move ensured that Popcat would win the $4 million pot while the other players lost.
Retail Traders Notice 117% Surge in Popcat
Retail traders have taken note of POPCAT due to the 117% spike in the value of the Solana-based asset since July 11.
Historically, a price spike of this size has almost always resulted in a correction, after which better entry points have likely emerged. Be wary of the market's instability and manipulation potential, even though Popcat's popularity skyrocketed due to this increase.
The individual who made the substantial purchase had to take a chance of losing between $10,000 and $15,000 in order to be eligible for the greater wager.
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