According to cryptocurrency analysis platform LookOnChain, a smart whale sold 2.66 million Popcat (POPCAT) at $1.36 per coin in the last 20 hours, making a profit of nearly $3.96 million.
The wallet still holds 3.45 million tokens of the cat-themed meme coin, worth around $4.48 million. LookOnChain highlights that the trader has now purchased 30.22 million $GIGA tokens, worth around $1.45 million.
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Why Did The Cryptocurrency Trader Sell The Memecoins?
POPCAT’s Price Performance
The cat-themed meme coin hit an all-time high of $1.47 yesterday. The asset has since fallen by 16.7%. The cryptocurrency is down by 14.8% in the daily charts but is up by 18.4% in the weekly charts, 33.3% in the 14-day charts, and more than 139% over the previous month.
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Investor Sentiment And Market Conditions
The whale investor may have anticipated POPCAT to face a correction after it hit an all-time high yesterday and decided to book profits. The recent dip could be due to investors booking profits on the meme coin.
The dip could also be due to falling investor sentiment arising from growing geopolitical tensions in the Middle East. Market participants may be anticipating a correction, making them weary of risky investments.
Impact Of External Factors
The cryptocurrency market dip could also be due to the US Supreme Court refusing to accept the case regarding the $4.4 billion worth of Bitcoin (BTC) seized from the Silk Road dark web marketplace. The US government may sell the seized Bitcoin, which may lead to further corrections.
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Despite the bearish market environment, POPCAT is predicted to continue its rally. Analysts at CoinCodex anticipate the cryptocurrency to rally over the next few weeks, hitting a high of $4.41 on Nov. 5, 2024. Reaching $4.41 from current prices will translate to a rally of about 258.5%.
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