Popcat Soars 30% on Binance Listing, Whale Fuels Meme Coin Frenzy
The Solana-based meme coin Popcat (POPCAT) experienced a dramatic surge, reaching highs of £0.45 on 22 August, following the announcement of a perpetual contract listing on Binance Futures. This listing, offering traders up to 75x leverage, provided a significant boost to the meme coin's momentum.
Binance's announcement stated that the addition of a USD-margined Popcat perpetual contract would expand trading options on Binance Futures and enhance the trading experience for crypto investors. The POPCATUSDT perps went live on the platform at 13:00 UTC on 22 August.
The listing appeared to provide additional impetus for Popcat, which had been trading at lows of £0.35 earlier in the day. This surge was further fuelled by the actions of a significant crypto whale, who withdrew over 39,800 SOL from Binance and used these funds to purchase POPCAT tokens.
According to Lookonchain, the "crazy buying of $POPCAT" involved 39,816 SOL tokens, worth over £4.7 million, which were used to acquire 10 million POPCAT.
Sun (SUN) Rides the Meme Coin Wave
Alongside Popcat, Sun (SUN) emerged as another top performer among the largest 500 cryptocurrencies by market cap. The TRON (TRX) platform token soared amidst a surge in interest surrounding TRX and the emergence of new meme coin hype on the launch platform SunPump.
SunPump's daily revenue surpassed that of Solana-based Pump.fun on 21 August, with TRON revenue also hitting an all-time high. Justin Sun, the founder of TRON, actively promoted SunPump's potential, highlighting its potential impact on the wider crypto ecosystem.
Similar to Popcat, SUN's 35% surge in 24 hours followed the launch of a SUNUSDT perpetual contract on Binance Futures, offering traders up to 75x leverage. This trend of significant price increases following Binance Futures listings was also observed for other cryptocurrencies such as Brett, Voxel, and Synapse.
This surge in activity surrounding meme coins like Popcat and Sun highlights the continued influence of hype and speculation within the crypto market. While such volatility can be lucrative for some, investors are reminded to approach these assets with caution and conduct thorough research before making any investment decisions.
