Meme coins on the Solana network, such as Popcat and Cat in a Dogs World, have continued their upward trajectory, with their combined market capitalization rising to $11.38 billion.
Solana DEX Trading Volume Surges
On Monday, Oct. 21, Popcat (POPCAT) was priced at $1.3220, marking a staggering increase of 30,000% from its lowest point of the year. This upward movement has elevated its market cap to $1.3 billion, making it the third-largest meme coin on Solana, following Dogwifhat (WIF) and Bonk (BONK).
Similarly, Cat in a Dogs World (MEW) reached an all-time high of $0.01050, reflecting a 285% increase from its year-to-date low. Its valuation now stands at $828 million, solidifying its position as the fourth-largest meme coin within the Solana ecosystem (SOL).
Other lesser-known meme coins like Fwog, Goatseus Maximus, Michi, and Maneki have also experienced notable gains in recent days.
This impressive performance has led to a significant rise in trading volumes across Solana’s decentralized exchanges, surpassing those of Ethereum. According to DeFi Llama, trading volume on Solana DEXes surged by 41% over the last week to reach $12.61 billion, compared to $8.7 billion on Ethereum DEXes.
Raydium has retained its position as the largest DEX on Solana, processing $7.6 billion in token volume, followed by Orca, Lifinity, and Phoenix.
In addition, Solana has outperformed Ethereum in terms of monthly trading volume, amassing $30.4 billion in October, compared to Ethereum’s $26.5 billion.
A similar trend is evident in the perpetual futures market. Over the past week, Solana’s networks processed perpetuals worth $4 billion, whereas Ethereum managed $2.83 billion. For the month, Solana’s network has facilitated $12 billion in perpetual futures, contrasting with Ethereum’s $7.9 billion.
This robust performance can be largely attributed to the traction gained by Solana meme coins such as MEW and Popcat, which have driven recent market advancements.
According to data from CoinCarp, these tokens have attracted an increasing number of holders in recent months. Popcat has grown to 77,750 holders, up from 68,300 as of Sept. 21. Likewise, Cat in a Dogs World now boasts 178,200 holders.
Popcat Price Forms a Bullish Pennant
The daily chart indicates that the Popcat token has established a bullish pennant pattern, characterized by a prominent flagpole and a triangular formation. It remains above the 50-day Exponential Moving Average.
The token is poised for a potential rally as the apex of the triangle pattern approaches. Should this occur, the initial price target will be set at $1.5535, marking its highest recorded price.
Cat in a Dogs World Demonstrates a Cup and Handle Formation
The daily chart for MEW reveals a significant bullish breakout above $0.0087, its peak since June 24, and the upper boundary of the cup and handle pattern.
Cat in a Dogs World has also climbed above the 50-day moving average, with additional gains expected if it surpasses its all-time high of $0.01047.
