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On-chain analytics platform Lookonchain highlighted traders booking significant profits with Solana SOL/USD meme coin Popcat POPCAT/USD, which could go higher still, according to analysts.

What Happened: One trader executed eight trades since Aug. 20, all of which have been profitable, resulting in a total profit of over $1 million.

Another whale recently sold 2.66 million POPCAT, worth $3.61 million, at $1.36, leaving him with 3.45 million POPCAT, valued at around $4.48 million. The trader made a profit of around $3.96 million.

When Popcat prices broke its all-time high of $1.4 on Oct. 6, the same whale booked a profit of $4.4 million, after having purchased 6.1 million POPCAT (at $0.68) on Sep. 12 and Sep. 13 by spending 4.13 million USDC/USD.

Why It Matters: With Popcat prices dropping 12.3% over the past 24 hours, crypto trader Posty stated that if the prices get a "pull back/wick to the buy zone, it would be a blessing."

Other traders are focusing on buy zones below $1.

$POPCAT LONG PLAN.

I will be a buyer again between $0.8-0.9.

If it does not come, I have already made good money in this one.#POPCAT pic.twitter.com/ifkrTD9dnV — Scient (@Crypto_Scient) October 8, 2024

Popcat has outperformed meme coin rivals like Dogecoin and Shiba Inu, renewing calls for a “cat season” with cat-themed meme coins outperforimg dog-themed ones.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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