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. The whale’s strategic move was buying 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 at $5.32 million and have a fair value of $34.47 million, which indicates an unrealized gain of $1.21 million.
This move is one example of whale activities affecting cryptocurrency markets. The large transactions impact the market’s sentiment and can cause price changes. This will be a short-term trading behavior by influential traders and may lead to short-term fluctuations.
Popcat Over 20% Up for the Day
Therefore, it is essential to note that Popcat’s price spiked considerably 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 leverage 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.
Upon analyzing the technical aspect of Popcat, it is shown that this has a bullish trend with a lot of 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. Nevertheless, the RSI is overbought, which, along with other similar readings, historically marked short-term corrections.
A Whale Made More Than $1.2M on $POPCAT
A prominent whale trader has recently bought more of the token amid the popularity of Popcat ($POPCAT) and made more than $1. Unrealized profits stood at $2.13 million $USD million.
The whale’s strategy required it to buy 6.11 million $POPCAT tokens for around. Milk production is sold at an average price of $0.68 on the twelfth and thirteenth of September. Such assets are currently worth 5 dollars.
The company invested $32 million, realizing gains of $1.21 million. This is an instance of the whales’ effect on crypto markets. It is often characterized by large-value transactions affecting market perception and, thus, prices. Such actions by the big traders may mean short-term fluctuations and the retail investors should be cautious.
