Popcat and Dogs are the top gainers in the top 100 cryptocurrencies by market cap as Bitcoin price climbs back above $56,000.
Meme coins Popcat (POPCAT) and Dogs (DOGS) were trading at $0.62 and $0.0011, with gains of 19% and 16% over the 24-hour period, respectively, at the time of writing. Meanwhile, bullish momentum has pushed Bitcoin (BTC) above $56,500 as bulls struggle to recover from a slide that saw the leading digital asset trade near $53,300 on September 7.
Futures Listing Helps POPCAT, DOGS Rally
Most meme coins have struggled to gain upward momentum in recent weeks, mainly because the broader market has faced bearish pressure throughout August.
However, like many other small-cap tokens, Solana-based Popcat (SOL) and Telegram-linked Dogs have benefited from a wave of positive sentiment after crucial futures trading support across major exchanges.
Binance recently added POPCAT perpetual contracts, allowing traders to bet on the price of the meme coin. This move caused the price of Popcat to skyrocket. OKX also added POPCAT futures and set up a trading contest offering up to $100 in rewards.
DOGS, which had been on the decline amid the arrest of Telegram CEO Pavel Durov, has recovered some of its losses since dropping to $0.0009 on September 8. Previously, Telegram’s native meme coin had surged in value thanks to Binance’s offer of 40 million DOGS in a contest that ends on September 17.
Binance, OKX, and Bybit are some of the leading exchanges that support DOGS airdrop and token listing.
Bitcoin recovers above $56K
Bitcoin’s recovery above $56,500 comes amid a rebound in the Coinbase Premium Index, a gauge that indicates increased accumulation of bitcoin by whales and institutions.
A recovery in demand in the US could help bulls reposition themselves in preparation for a stronger end to the fourth quarter. Analysts at CryptoQuant He sees Continued accumulation of shares by long-term holders is key to a potential price recovery.
Bernstein analysts issued a note on September 9. Expect prices to rise to $80,000 – $90,000. Bitcoin if Donald Trump wins the US presidential election.
However, they suggested that a Kamala Harris win could lead to a bearish move, potentially pushing Bitcoin to lows of $30,000. The discrepancy is due to the crypto industry’s perception of Trump as more crypto-friendly than Harris.