The Solana meme coin, which recently surged 117% since July 11, has caught the attention of retail traders in the crypto industry. However, there is more to this story than meets the eye.
In 2024, a wager on Polymarket was placed regarding the first cat-themed meme coin to reach a market capitalization of $1 billion. Mew, with an all-time high (ATH) of nearly $800 million, was initially leading the race in April. Unfortunately, the token faced a decline due to negative press from influencers who falsely claimed it was VC-backed and promoted it in ethically questionable ways. Ansem and other influencers reportedly earned over $250,000 by endorsing the token.
As MEW struggled, MOG and Popcat started to gain momentum. Recently, a Popcat supporter took matters into their own hands by making a significant investment. By purchasing $300,000 worth of tokens at 96-98 cents, this individual drove the DEX price up to $1.0466 as Popcat neared the $1 mark. With $4 million at stake in this bet, other players who were betting against Popcat ended up losing.
While the price of the Solana-based asset has surged, leading to increased interest in POPCAT among retail traders, it is essential to recognize the potential for market volatility and manipulation. Such significant price surges often precede corrections, presenting potential opportunities for strategic entry points.
In order to win the larger wager, the individual who made the substantial purchase took on a risk of losing between $10,000 and $15,000. This example underscores the high stakes and strategic considerations involved in crypto trading and betting in the rapidly evolving crypto industry.
