A Whale Made More Than $1.2M on $POPCAT Amid the Token's Surge

A significant whale trader has taken advantage of the surge in Popcat's ($POPCAT) demand and bought more than $1.2 million in unrealized profits.

A whale trader has taken advantage of the increasing demand for Popcat ($POPCAT) and made more than $1.2 million in unrealized profits.

The whale bought 6.11 million POPCAT tokens for about 4.13 million USD at an average price of $0.68 on September 12 and 13. These holdings are currently valued at $5.32 million with a fair value of $34.47 million, indicating an unrealized gain of $1.21 million.

This move comes as Popcat’s price surged by 30.48% on the same day. The price went up by, making its value approximately $0.8868. The market capitalization is currently at $869 million.

This comes with a daily trading volume of $159 million within the last 24 hours, which is a 60.72% increase. The price hike is due to increased buying pressure as traders capitalize on the momentum. Large purchases, including that of the whale, have triggered the same.

This movement shows that the price has broken out of the recent range, seen in the consolidation area. A sustained rise in the charts can be seen in this one.

A technical analysis of Popcat shows a bullish trend with strong buying pressure. On the 4-hour chart, there is a break of the consolidation observed for several days.

This breakout was characterized by a huge and quick increase in the price, which pushed it from the range of $0.68 from the current level. This is even though the Relative Strength Index (RSI) has risen to 74.83 in the current surge.

This means that Popcat is in the overbought zone. This may mean that the recent upward move may face some selling pressure as the buying interest slows down.

4-hour POPCAT/USDT Chart | Source: TradingView

The price action has moved well above its support level, between $0.68 and $0.70, as indicated by the rectangular blue area on the chart. This area worked as a key level for consolidation before the recent push.

The above-mentioned breakout has been supported by higher volumes, hence showing high demand. However, the RSI is overbought, which, along with other similar readings, historically signaled short-term corrections.