Popcat (POPCAT) is currently the best-performing cryptocurrency among the top 100 projects by market cap.
The cat-themed memecoin has rallied by 14.6% in the last 24 hours, 3.8% in the weekly charts, 35.1% in the 14-day charts, and 91% over the previous month. Dogecoin (DOGE) follows closely in second place, rallying 10.1% in the daily charts and 24.3% in the weekly charts.
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Factors Driving Popcat’s Rally
Why Is Popcat Rallying?
The asset’s latest rally could be due to memecoins taking center stage over the last few weeks. Other memecoins, such as Floki (FLOKI), Shiba Inu (SHIB), dogwifhat (WIF), Pepe (PEPE), etc., are also topping the charts.
Investors may be moving their funds from mainstream cryptocurrencies to memecoins, such as Popcat, ahead of the US elections. Analysts anticipate a market rally in the days following the elections on Nov. 5, 2024. Market participants may be taking positions as we inch closer to election day.
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Can The Memecoin Hit $2 This Weekend?
According to CoinCodex analysts, Popcat will trade at $1.45 on Sunday, Oct. 20, 2024. Hitting $1.45 from current price levels will translate to a rally of about 6.62%. The platform anticipates the memecoin to continue rallying over the next few weeks, hitting a new all-time high of $4.74 on Nov. 15, 2024.
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There is also a possibility that Popcat will face a correction over the next few days, given a lackluster market environment. A victory from Kamala Harris may also lead to prices taking a dip, even though Ripple co-founder Chris Larsen has backed her. If BTC does not maintain its price above $67,000, memecoins may see their prices slide.
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