February 9, 2025
Meme Coin

Bonk and Popcat prices diverge as their CEX outflows rise

The prices of Popcat and Bonk remained stable as overall sentiment in the cryptocurrency market weakened, with Bitcoin dropping to $66,500.

Bonk Performance Bonk, the first meme coin on the Solana (SOL) ecosystem, has seen a decline for three consecutive days, hitting a low of $0.000022. It is currently down 53% from its highest point this year.

Popcat’s Steady Rise Popcat, on the other hand, held steady at $1.40, slightly below its year-to-date high of $1.56. The token has been one of the best performers in 2024, surging by an incredible 32,200% from its lowest point this year.

According to recent data from Nansen, both Bonk and Popcat have seen a significant rise in outflows from centralized exchanges (CEXs). Bonk recorded outflows of $5.65 million, which is 7.25 times higher than the recent average. Popcat saw outflows of $3.4 million in the past 24 hours, 2.15 times above the average. These outflows are typically viewed as positive, signaling that investors are choosing to hold the tokens rather than sell them, in contrast to inflows, which often indicate selling pressure.

Popcat Poised for a Bullish Breakout On the daily chart, Popcat has performed exceptionally well, reaching an all-time high of $1.5535 in October. The token remains above its 50-day and 100-day moving averages, which is a bullish indicator. Additionally, it has formed a bullish pennant pattern, consisting of a long upward movement followed by a symmetrical triangle. This suggests that Popcat could be gearing up for a breakout, potentially pushing it to its all-time high of $1.5535 and possibly reaching the psychological level of $2 if it surpasses this resistance.

Bonk’s Symmetrical Triangle Bonk has been trading within a tight range after forming a double-top pattern at $0.000025, which is one of the most bearish chart patterns. The upper side of this pattern aligns with the top of a symmetrical triangle that has developed over the past few months. This pattern is nearing a confluence, indicating that significant price moves may be on the horizon. A break above the double-top at $0.000025 could lead to more gains, while a drop below the 50-day moving average at $0.00002117 could signal further declines.