Solana meme coins, including Popcat and Cat in a Dogs World, are on the rise, with their total market cap soaring to $11.38 billion.
Surge in Solana DEX Volume
As of Monday, October 21, Popcat (POPCAT) reached a trading price of $1.3220, marking a staggering 30,000% increase from its lowest point this year. This surge has led its market cap to $1.3 billion, positioning it as the third-largest meme coin within the Solana ecosystem, following Dogwifhat (WIF) and Bonk (BONK).
Meanwhile, Cat in a Dogs World (MEW) climbed to a record high of $0.01050, representing a 285% increase from its year-to-date low, and has a current valuation of $828 million, making it the fourth-largest meme coin in Solana.
Additionally, other emerging meme coins such as Fwog, Goatseus Maximus, Michi, and Maneki have experienced significant uptrends recently.
This positive performance has resulted in increased trading activity on Solana’s decentralized exchanges, which have now surpassed those of Ethereum. Recent data indicates that Solana DEX volumes surged by 41% over the past week, reaching $12.61 billion, while Ethereum’s DEX handled $8.7 billion.
Raydium continues to lead as the largest Solana DEX, processing $7.6 billion in token volume, followed by Orca, Lifinity, and Phoenix.
In terms of monthly volume, Solana has exceeded Ethereum, achieving $30.4 billion in October compared to Ethereum’s $26.5 billion.
A similar trend is evident in the perpetual futures market, where Solana networks processed $4 billion in perpetuals in the last week, outpacing Ethereum’s $2.83 billion. For the current month, Solana’s perpetual futures volume stands at $12 billion against Ethereum’s $7.9 billion.
This impressive performance is predominantly attributed to the rising popularity of Solana meme coins like MEW and Popcat, which have fueled recent gains.
Recent data reveals that these tokens have garnered a growing number of holders in recent months, with Popcat reaching 77,750 holders, up from 68,300 on September 21. Cat in a Dogs World also recorded an increase, now boasting 178,200 holders.
Popcat Forms Bullish Pennant
The daily chart for Popcat indicates the formation of a bullish pennant pattern, characterized by a long flag pole and a converging triangle. The token remains above the 50-day Exponential Moving Average, suggesting potential for further gains. A breakout from this pattern could target $1.5535, its previous all-time high.
Cat in a Dogs World Exhibits Cup and Handle Formation
Similarly, the daily chart for Cat in a Dogs World shows a robust bullish breakout above $0.0087, its highest level since June 24, coinciding with the upper side of a cup and handle pattern. It has also surpassed the 50-day moving average. Continued momentum could lead to further gains, particularly if the price exceeds its all-time high of $0.01047.
