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The Solana meme coin released some time ago suddenly attracted attention of retail traders, surging 117% since July 11. However, there is some silver lining not many are aware of.
A wager on Polymarket surfaced in 2024 regarding the first cat-themed meme coin to hit $1 billion in market capitalization. With an all-time high (ATH) of almost $800 million, Mew was leading the race in April. But the decline of the token was brought about by bad press created by certain influencers who made claims that the token was VC-backed and promoted it in questionable ways. Ansem and other influencers allegedly made over $250,000 by promoting the token.
MOG and Popcat began to gain momentum as MEW faltered. Recently, a Popcat bettor made the decision to act independently. This person bet on Popcat causing the DEX price to rise to $1.0466 by purchasing $300,000 worth of tokens at 96-98 cents as Popcat got closer to $1. With $4 million pooled in the wager, this calculated move forced other players who were betting against Popcat to lose.
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Since the Solana-based asset has increased by 117% since July 11, retail traders have taken notice of POPCAT. A price surge of this magnitude has historically had a strong likelihood of causing a correction where better entry points are probably coming. Even though Popcat gained popularity as a result of this surge, it is important to be aware of the market’s volatility and potential for manipulation.
To win the larger wager, the person who made the large purchase had to risk losing between $10,000 and $15,000.
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