Solana meme coins such as Popcat and Cat in a dogs world continued their upward trend as their total market capitalization jumped to $11.38 billion.
Solana DEX volume soars
Popcat (POPCAT) was trading at $1.3220 on Monday, October 21, up 30,000% from its lowest level this year. This increase has raised its market capitalization to $1.3 billion, making it the third largest Solana meme coin after Dogwifhat (WIF) and Bonk (BONK).
Cat in a Dogs World (MEW) hit an all-time high of $0.01050, up 285% from the year-to-date low. Its valuation has increased to $828 million, making it the fourth largest meme coin in the Solana (SOL) ecosystem.
Other smaller meme coins like Fwog, Goatseus Maximus, Michi, and Maneki have also risen in recent days.
This performance has translated into increased trading volumes on Solana decentralized exchanges, which have now surpassed ethereum. Data of DeFi Call shows that volume on Solana DEX increased 41% in the last seven days to $12.61 billion, while ethereum DEX handled $8.7 billion.
Raydium maintained its status as Solana's largest DEX, handling $7.6 billion in token volume. Orca, Lifinity and Phoenix followed.
Solana also surpassed ethereum in monthly volume, reaching $30.4 billion in October, compared to ethereum's $26.5 billion.
The same trend occurred in the perpetual futures market. Solana networks managed perpetual securities valued at $4 billion in the last seven days, while ethereum had $2.83 billion. This month, the Solana network processed $12 billion worth of perpetual futures compared to $7.9 billion for ethereum.
This strong performance is largely due to the popularity of Solana meme coins like MEW and Popcat, which have led recent gains.
Data of coincarp shows that these tokens have attracted more holders in recent months. Popcat has 77,750 starters, up from 68,300 on September 21. Similarly, Cat in a dogs world has 178,200 headlines.
Popcat price has formed a bullish pennant
<img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/10/Popcat-Price.png” alt=”popcat price”/>
The daily chart shows that the Popcat token has formed a bullish pennant chart pattern, characterized by a long flagpole and a triangle pattern. It also remains above the 50-day exponential moving average.
The token may see a strong rally now as the triangle pattern nears its confluence. If this happens, the initial target will be $1.5535, its highest point on record.
Cat in a dog's world formed a cup and a handle.
<img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/10/Cat-in-a-dogs-world-price.png” alt=”Cat in a dog's world.”/>
On the daily chart, the MEW token made a strong bullish break above $0.0087, its high point on June 24, and the top of the cup and handle pattern.
The cat world in the dog world has also moved above the 50-day moving average. More gains will be confirmed if it breaks its all-time high of $0.01047.
