Amidst a broader memecoin meltdown sparked by growing anxieties over the situation in the Middle East, Popcat (POPCAT) stood out as a beacon of resilience. The Solana SOL/USD-based coin defied the market downturn, registering a 0.28% gain as of this writing. This makes it the only cryptocurrency among the top 10 memecoins by market capitalization to record positive performance.
The surge in trading volume for POPCAT, up 45% to $209.47 million over the last 24 hours, further highlights its strong performance. The coin has been a standout performer in 2024, registering a staggering 12383% year-to-date gain, solidifying its position as the market’s top gainer.
This positive performance stands in stark contrast to the bloodbath witnessed elsewhere in the memecoin market. Heavyweight players like Dogecoin DOGE/USD and Shiba Inu SHIB/USD suffered losses of up to 7% in value, resulting in a 5% contraction in the total memecoin market capitalization over the last 24 hours.
The downturn can be attributed to escalating tensions in the Middle East, following Iran’s missile barrage against Israel. This has led investors to offload risky assets, including cryptocurrencies. The broader market has also been impacted, with Bitcoin BTC/USD down 2.9% and Ethereum plummeting over 5% in the last 24 hours.
Despite these market headwinds, Popcat (POPCAT) continues to trade at $1.01, reflecting a 0.28% gain in the last 24 hours, according to data from Benzinga Pro. This positive performance suggests that Popcat may be attracting investors seeking to capitalize on its strong performance and its unique position within the memecoin landscape.
