Popcat, a Solana meme coin that has surged over 4,400% in 2024, is losing market share as its token crashes.
The price of Popcat (POPCAT) has fallen over 62% from its high this year, increasing its market cap to $762 million. After being overtaken by Pudgy Penguins, Dogwifhat, Fartcoin and ai16z, it has grown from the second largest Solana meme coin to the sixth largest.
Popcat price has crashed as smart money investors continued to sell their holdings. According to Nansen, the number of smart money investors holding the token has dropped from over 70 to 30. The tokens held by these investors have also increased 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 last seven days to over 248.32 million.
A likely reason for this dip is that the Solana meme coin industry is very dynamic and new tokens regularly go viral. The most recent of these was Pudgy Penguins, which has become the second largest 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 numerous bearish patterns, indicating further declines ahead. It formed a head and shoulders pattern with a neckline at $1,900, which it fell below on December 14th.
The 50-day and 100-day moving averages have formed a bearish crossover that…
