POPCAT Listing on Binance: Whale Buys 10 Million Tokens, Worth the Investment?

Bittime - On August 22, 2024, Binance, one of the world's largest crypto exchanges, made a splash by announcing the launch of perpetual contracts for the Solana-based meme coin, POPCAT. However, the big news doesn't stop there. 

A major investor, or whale, made a surprising move by buying nearly 10 million POPCAT tokens after withdrawing 39,816 SOL, worth $5.73 million (around IDR 89.5 billion), from Binance. This big move raises many questions: Is this the right time to invest in POPCAT? Let's review it further.

What Does Heavy Buying Activity Mean for POPCAT Prices?

This large purchase by the whale gives a signal that POPCAT may experience a price spike in the near future. Currently, the price of POPCAT is around $0.574 (around Rp. 8,900), with a significant surge of over 32% in the last 24 hours. 

During the same period, POPCAT's trading volume also surged by 225%, indicating increasingly high interest from traders following the listing announcement.

Additionally, open interest for POPCAT increased by 35% over the same time, indicating that more investors and traders are starting to become interested in the token, according to a report by on-chain analytics firm CoinGlass. This is a strong indicator that POPCAT may have the potential to continue to grow.

POPCAT Price Prediction for August 2024: Is There Any Upside Potential?

Looking at the latest technical analysis, POPCAT is showing signs of a bullish trend approaching an important resistance level at $0.643 (around Rp. 9,800). Historically, when POPCAT reaches this level, the price often experiences a drastic decline, even more than 40%, down to $0.38 (around IDR 5,800). 

However, the current situation seems more optimistic. The daily chart shows a bullish double-bottom pattern, and if POPCAT manages to close the daily candle above $0.69 (around Rp. 10,500), there is a possibility that the price could jump to $1 (around Rp. 15,300) or even higher.

What Liquidation Levels Should You Pay Attention to?

Currently, there are important liquidation levels of around $0.542 (around Rp. 8,300) on the downside and $0.60 (around Rp. 9,200) on the upside. Highly leveraged traders in the last 24 hours indicate both risk and opportunity. 

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If the price of POPCAT reaches $0.60, it is estimated that around $672,840 (around IDR 10.3 billion) in long positions will be liquidated. Conversely, if the price falls to $0.542, approximately $1.34 million (around IDR 20.5 billion) in short positions will be liquidated.

Conclusion: Is This the Right Time to Invest in POPCAT?

With major attention from crypto whales and positive signs of surging prices and trading volumes, POPCAT appears to be at a critical moment. Even though the potential for price increases seems promising, risks are always present in crypto investments. 

Therefore, it is important to continuously monitor the latest developments and carry out in-depth analysis before deciding to invest. With the listing on Binance and whale activity attracting attention, this could be a good time to consider POPCAT as part of your crypto portfolio.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

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