POPCAT, DOGS soar as Bitcoin reclaims $56k

Popcat and Dogs are the two top-gaining tokens in the 100 largest cryptocurrencies by market cap as Bitcoin price climbs back above $56,000.

The meme coins Popcat (POPCAT) and Dogs (DOGS) traded at $0.62 and $0.0011, with 19% and 16% in 24-hour gains respectively at the time of writing. Upside momentum meanwhile had pushed Bitcoin (BTC) price above $56,500 as bulls fought to recover from the dip that saw the leading digital asset trade near $53,300 on Sept. 7.

Futures listing helps POPCAT, DOGS higher

Most meme coins have struggled for upward momentum in recent weeks, mainly as the broader market experienced downward pressure throughout August.

However, like many other small cap tokens, Solana(SOL)-based Popcat and Telegram-related Dogs have benefited from a rush of positive sentiment following crucial futures trading support across major exchanges..

Binance recently added POPCAT perpetual contracts, allowing traders to bet on the meme coin’s price. This move caused Popcat’s price to spike significantly. OKX also added POPCAT futures and outlined a trading contest that offers up to $100 in rewards.

DOGS, which slipped amid the recent arrest of Telegram CEO Pavel Durov, has recovered some of the losses since falling to $0.0009 on Sept. 8. Previously, the Telegram-native meme coin had rallied thanks to Binance’s offering of 40 million DOGS in a contest that ends on Sept. 17.

Binance, OKX, and Bybit are some of the top exchanges supporting the DOGS airdrop and token listing.

Bitcoin recovers above $56k

Bitcoin’s recovery to above $56,500 comes amid a bounce in the Coinbase Premium Index, a metric indicating increased whale and institutional accumulation of BTC.

A rebound in U.S. demand may help bulls reposition for a stronger end to the fourth quarter. Analysts at CryptoQuant see the continued accumulation by long-term holders as key to a potential price bounce.

Bernstein analysts issued a note on Sept. 9 predicting a surge to $80k-$90k for BTC if Donald Trump wins the U.S. presidential election.

However, they suggested that a win for Kamala Harris could trigger downside action, potentially pushing BTC to lows of $30,000. The contrast is rooted in the crypto industry’s perception of Trump as more crypto-friendly compared to Harris.