Dog Coin Frenzy Causes 13% Decline in POPCAT Price
Popular meme coin Popcat ($POPCAT) is facing stiff competition from presales nowadays, and it could even exit the top ten meme coins by market capitalization if holders continue incurring losses.
In the last 24 hours, $POPCAT spiralled 7% down to its current price of $0.8238. Now, that’s not the biggest intraday dip posted by a meme coin, certainly.
But the token is trading against the grain of market leaders Bitcoin ($BTC) and Ethereum ($ETH), which both added a percent overnight.
Notably, Popcat’s downturn has eased somewhat since last night, when it appeared to be crashing. Just before midnight, at around 11PM UTC, the token was posting 24 hour losses of 13%.
It’s worth noting that throughout the month of July so far, Popcat has been going up, albeit haphazardly. The token may have found strong support at $0.60, as indicated by the diagonal green line below.
It has also been raising the resistance ceiling from $0.60 at the start of the month to the dollar mark yesterday.
Popcat’s price is likely to stabilize in the short term, as indicated by a now-rising Relative Strength Index of 46, which indicates a fresh round of buying is happening now that will counterbalance the negative price performance of a steady sell-off these past two days.
Still, meme-savvy investors are bundling into various other presales with stronger fundamentals right now. One of the most enticing appears to be the nostalgic Tamagotchi remake PlayDoge.
Another furry critter is likely to attract more explosive price gains than $FLOKI once it hits the open market later this year: on-chain Tamagotchi remake Playdoge.
See, while Floki is branching out as a Telegram-based trading bot, which is currently being beta tested, its likely to face stiff competition
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