Popcat, the Solana meme coin that has risen more than 4,400% in 2024, is losing market share as its token falls.
popcat (POPCAT) price has fallen more than 62% from its peak this year, pushing its market cap to $762 million. He has moved from being the second biggest Solana meme coin to sixth after passing Pudgy Penguins, Dogwifhat, Fartcoin and ai16z.
Popcat's price has fallen after smart money investors continued to sell their holdings. According to Nansen, the number of smart money investors holding the token has dropped from more than 70 to 30. Tokens held by these investors have also moved from 2.10 billion in May to 2.07 billion today.
There are also signs that the number of Popcat tokens on exchanges has continued to rise, a sign that investors are selling. These tokens have increased by 2.77% in the past seven days to over 248.32 million.
Perhaps a reason for this fall is that the Solana meme coin industry has been very dynamic, with new tokens regularly going viral. The newest one was Pudgy penguinswhich became the second biggest Solana meme coin. Before that, there was Peanut the Squirrel, Goatseus Maximus, and Moo Deng.
Popcat price has formed bearish patterns
The daily chart shows that the POPCAT token has formed several bearish patterns, indicating further falls. It formed a head and shoulders pattern with a neck at $1,900, which it moved below on December 14.
The 50-day and 100-day moving averages have formed a bearish transformation, which is often seen as a minor death cross.
Popcat price has also formed a bearish pennant pattern which is made of a long straight line and a symmetrical triangle pattern. This pattern usually leads to a bearish continuation.
Popcat has also moved to the 61.8% level. Therefore, the outlook of the token is bearish, with the next target to watch at the 78.6% level at $0.4470, which is about 42% below the current level.
