Popcat and MEW tokens rally as Solana DEX volume flips Ethereum

Solana meme coins like Popcat and Cat in a dogs world continued their uptrend as their total market cap jumped to $11.38 billion. 

Solana DEX volume soars

Popcat (POPCAT) was trading at $1.3220 on Monday, Oct. 21, up by 30,000% from its lowest level this year. This surge has pushed its market cap to $1.3 billion, making it the third-biggest Solana meme coin after Dogwifhat (WIF) and Bonk (BONK).

Cat in a dogs world (MEW) rose to a record high of $0.01050, up by 285% from the year-to-date low. Its valuation has increased to $828 million, making it the fourth-largest meme coin in the Solana ecosystem (SOL).

Other smaller meme coins like Fwog, Goatseus Maximus, Michi, and Maneki have also surged in the past few days.

This performance has translated to higher trading volumes in Solana’s decentralized exchanges, which have now overtaken Ethereum. Data from DeFi Llama shows that volume in Solana DEXes rose by 41% in the last seven days to $12.61 billion, while Ethereum DEXes handled $8.7 billion.

Raydium maintained its status as the biggest Solana DEX, handling $7.6 billion in token volume. It was followed by Orca, Lifinity, and Phoenix.

Solana also surpassed Ethereum in monthly volume, reaching $30.4 billion in October, compared to Ethereum’s $26.5 billion.

The same trend happened in the perpetual futures market. Solana’s networks handled perpetuals worth $4 billion in the last seven days, while Ethereum had $2.83 billion. This month, Solana’s network processed perpetual futures worth $12 billion compared to Ethereum’s $7.9 billion.

This strong performance is largely due to the popularity of Solana meme coins like MEW and Popcat, which have led the recent gains.

Data from CoinCarp shows that these tokens have attracted more holders in recent months. Popcat has 77,750 holders, up from 68,300 on Sept. 21. Similarly, Cat in a dogs world has 178,200 holders.

Popcat price has formed a bullish pennant

The daily chart shows that the Popcat token has formed a bullish pennant chart pattern, characterized by a long flag pole and a triangle pattern. It also remains above the 50-day Exponential Moving Average.

The token may stage a strong rally now that the triangle pattern is nearing its confluence. If this happens, the initial target will be $1.5535, its highest point on record.

Cat in a dogs world formed a cup and handle

On the daily chart, the MEW token made a strong bullish breakout above $0.0087, its highest point on June 24, and the upper side of the cup and handle pattern.

Cat in a dogs world has also moved above the 50-day moving average. Further gains will be confirmed if it rallies above its all-time high of $0.01047.