Popcat, Memecoins, and the Power of Being Early: A Deep Dive Into Solana’s Viral Token
Today, pretty much everything in crypto is going up. But as always, some tokens matter more than others — not just because of price movement, but because of the stories they tell about market behavior, trading psychology, and the relentless game of alpha-seeking in the memecoin ecosystem. And one of the standout players? Popcat, a Solana-based token we’ve been tracking since January 20th, nearly five months ago.
🐱 Popcat: From Meme to Market Leader
Back then, Popcat was trading at just $0.03 — and no one cared. It had no hype, no momentum, and no YouTubers screaming “next 100x.” But now? It’s one of the top trending tokens on Solana, second only to Fatcoin, with over $11.5 million in liquidity.
Since that initial video coverage, Popcat surged by a staggering 7,000%, then crashed by more than 90%, and now finds itself climbing again. Even after the dump, early investors are still up 13x. This story is not just about Popcat — it’s a case study in the brutal player-vs-player (PvP) arena that is memecoin trading.
💡 The PvP Game of Memecoins
Memecoin trading isn’t investing in the traditional sense. It’s a zero-sum game: for one trader to win, another must lose. Most traders, particularly those who just ape in after seeing a chart go vertical, end up on the losing side.
If you’re just clicking the cat on the website hoping for gains — you’ve already lost.
Winning requires edge: onchain data, funding rate trends, spot vs perp analysis, wallet behavior, and token distribution. This is where most traders fall short — but it’s also where opportunity hides.
📈 Derivatives, Spot Volume, and What’s Driving Popcat
Let’s break it down:
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Spot trading volume is dominated by centralized exchanges, with $13.7M in 24h volume on MEXC alone.
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Perpetual futures volume is even larger — over $100M daily, and most traders are going long, as shown by consistently positive funding rates.
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Yet for Popcat, something unusual is happening: the spot price moved first, and only later did the open interest on perps catch up.
That’s atypical. Usually, derivatives lead price discovery. Here, spot traders on Solana were the early movers — possibly whales positioning ahead of the crowd.
📊 Onchain Analysis: Wallets, Cohorts, and Accumulation
Let’s zoom into the data on the Solana blockchain:
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Popcat has 144,000 holders.
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But recently, both new wallets and recurring traders have declined.
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The number of onchain transactions has dipped, and yet price has still gone up. Why?
Looking at wallet cohorts:
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Retail (under $1K) is mostly holding.
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Mid-size wallets ($10K) started selling.
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Whales ($100K+) were selling as early as April and have not re-accumulated.
So, price is up, yet holder activity is down. This suggests a few large players soaked up supply, pushing prices with relatively low liquidity.
🤔 What’s Next for Popcat?
At a $400 million market cap, Popcat is no longer small. Can it 10x from here? Probably not.
Let’s compare:
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TrumpCoin is Solana’s top meme coin at $2B → That’s a potential 5x cap ceiling for Popcat.
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Could it flip Pajy Penguins or Fatcoin? Maybe. But a 3x upside from here is already a stretch.
With no clear narrative, limited new holders, and questionable demand drivers, Popcat looks more like a momentum trade than a conviction hold.
If you’re fine playing the memecoin PvP game, make sure the risk-to-reward still makes sense. A potential 2x upside might not justify the downside risk, especially if you could get similar returns from simply holding Solana or Ethereum.
🧠 Lessons from Popcat: Be Early, Be Informed
This story reinforces a simple truth in crypto:
“The edge comes from information. The earlier you are, the less competition you face.”
Popcat was interesting at $0.03. Today, at a multibillion-dollar valuation? Not so much.
If you want to consistently win in this space, you need:
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Access to quality onchain data
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A framework for wallet behavior analysis
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Tools to track perps, funding rates, and token ownership
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A mindset trained in risk management and position sizing
🔧 Tools, Trades, and Tutorials
The insights shared here are powered by custom dashboards built on Dune Analytics, available via our premium membership. These tools let you plug in any token and instantly see:
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Holder distribution
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New user growth
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Buying/selling trends
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Whale concentration
We also provide trade alerts, strategy guides, and educational videos on how to use leverage wisely, build dashboards, and analyze crypto markets like a pro.
If you want to level up your memecoin or altcoin trading game, this is where you start.
💬 Final Thoughts
Crypto markets aren’t just random. They’re data-driven, narrative-driven, and emotionally charged. The winners are the ones who study the numbers, understand the meta, and act before the crowd.
If you’re in this game — be early or be exit liquidity.
Popcat isn’t early anymore. But your next trade could be.
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See you on-chain.