Popcat and Dogs are the two biggest gainers among the top 100 cryptocurrencies by market cap as Bitcoin price climbs back above $56,000.
Popcat meme coins (Stuffed cat) and dogs (DOGS) was trading at $0.62 and $0.0011, up 19% and 16% in 24 hours respectively at the time of writing. Meanwhile, bullish momentum had boosted Bitcoin (Bitcoin) price above $56,500 as bulls struggled to recover from the drop that saw the leading digital asset trade near $53,300 on Sept. 7.
Futures trading helps POPCAT and DOGS to rise
Most meme coins have struggled to maintain bullish momentum in recent weeks, primarily because the broader market experienced downward pressure during August.
However, like many other small-cap tokens, Solana(SUN)-based Popcat and Telegram-related Dogs have benefited from a surge in positive sentiment following crucial support in futures trading on major exchanges.
Binance recently added POPCAT perpetual contracts, allowing traders to bet on the price of the meme coin. This move prompted Popcat price will increase significantlyOKX also added POPCAT futures and outlined a trading contest offering up to $100 in rewards.
DOGS, which fell amid the recent arrest of Telegram CEO Pavel Durov, has recovered some of the losses since it fell to $0.0009 on September 8. Previously, Telegram’s native meme coin had met 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 major exchanges supporting the airdrop and listing of DOGS tokens.
Bitcoin recovers above $56,000
Bitcoin’s recovery above $56,500 comes amid a rally in the Coinbase Premium Index, a metric that indicates increased BTC accumulation by whales and institutions.
A pickup in US demand may help bulls reposition for a stronger end to the fourth quarter. CryptoQuant Analysts see continued accumulation by long-term holders as the key to a potential price rally.
Bernstein analysts issued a note on September 9 Predicting a rise to $80k-$90k for BTC if Donald Trump wins the US presidential election.
However, they suggested that a Kamala Harris win could trigger a crash, potentially taking BTC to lows of $30,000. The contrast is rooted in the cryptocurrency industry’s perception that Trump is more crypto-friendly compared to Harris.
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