The excitement surrounding memecoins is making a notable comeback as Solana-based tokens outperform larger cryptocurrencies, particularly following the recent announcement from the Federal Reserve regarding interest rate cuts.
Among the standout performers is Popcat (POPCAT), which has experienced a remarkable 36% spike in just 24 hours, bringing the token close to its all-time high achieved in July of this year, underscoring the renewed enthusiasm for memecoins amidst changing economic conditions.
Popcat Records Nearly 100% Gain In A Month
On Wednesday, NewsBTC reported that the Federal Reserve announced its first rate cut in four years, reducing the federal funds rate by 0.50 percentage points. This adjustment marks a significant shift since the onset of the COVID-19 pandemic, lowering the target range to 4.75%–5%, down from 5.25%–5.5%.
These rates were the highest seen since 2001, and the decision is seen as a bullish signal for the broader market, suggesting potential price increases shortly, even as volatility is expected.
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In response to this news, Solana saw nearly a 10% surge in the last 24 hours, edging closer to the $150 mark after successfully reclaiming key support levels. This momentum has fostered renewed confidence in tokens built on the Solana network, exemplified by Popcat’s performance.
Currently trading at $0.918, Popcat is now just 7% shy of its all-time high of $0.993 reached two months ago. The latest increase coincides with a staggering 236% rise in trading volume, nearing the $200 million mark within just 48 hours, according to CoinGecko data.
Looking at longer time frames, Popcat has demonstrated significant growth, recording a 44% increase over the past week and a 62% rise over the last two weeks.
This translates to nearly a 100% gain in the past month, particularly striking compared to larger cryptocurrencies that have faced losses following significant market downturns on August 5 and September 6.
Key Levels To Watch For The Solana-Based POPCAT
Despite the uptrend recorded, POPCAT encountered challenges in maintaining its momentum earlier today. The token reached a daily high of $0.936 but struggled to consolidate above a critical resistance level at $0.939 on its POPCAT/USDT daily chart.
This resistance has emerged as one of the last…
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