- POPCAT traders have strategically seized the recent “dip” to bolster their holdings.
- Another significant factor is also propelling the surge.
After a mid-week pullback, Popcat [POPCAT] bounced back with an impressive 11% surge in the last 24 hours, securing its spot among the top gainers.
While Dogecoin [DOGE] dominates the weekly leaderboard with over 30% gains, it only managed a modest 2% daily increase, significantly trailing behind its feline counterpart.
This resurgence prompted AMBCrypto to explore potential patterns shaping the memecoin market.
Uncovering a key POPCAT strategy
Interestingly, as Bitcoin [BTC] began its ascent a week ago – marking the start of a bull cycle that pulled it out of a four-month slump – POPCAT hit its ATH of $1.50 on the same day.
However, it couldn’t keep the momentum going, now trading at $1.37 and facing some notable pullbacks along the way.
In the meantime, DOGE, the leading memecoin by market cap, has surged an impressive 30% to $0.15.
It’s clear that investors have flocked to DOGE as their altcoin of choice, eager to diversify away from BTC in a bid to mitigate risk.
Yet, an AMBCrypto report suggests that DOGE may be overheating and could be due for a correction soon. The rising popularity of POPCAT could further solidify this trend, keeping DOGE from making further gains.
Source: Coinglass
In a significant exploration, AMBCrypto uncovered a key strategy employed by spot traders to manipulate the memecoin market.
Exactly a week ago, when POPCAT dropped to
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Author: Ripley G
