Popcat, the Solana meme coin that surged over 4,400% in 2024, is losing market share as its token declines.

bobcat (Bobcat) The price has fallen more than 62% from this year's high, pushing its market value to $762 million. It has gone from being the second largest Solana meme coin to the sixth largest after being surpassed by Pudgy Penguins, Dogwifhat, Fartcoin, and ai16z.

Popcat's price has collapsed as smart money investors continue to sell off their holdings. According to Nansen, the number of smart money investors holding the token has dropped from over 70 to 30. The tokens held by these investors have also gone from 2.10 billion in May to 2.07 billion today.

There are also signs that the number of Popcat tokens on exchanges has continued to rise, which is a sign that investors are selling. These tokens have risen by 2.77% in the past seven days to over 248.32 million.

The likely reason for this decline is that the Solana meme coin industry has been very vibrant, with new tokens spreading regularly. He was the last of them Obese penguinswhich became Solana's second largest meme coin. Before that, there was Peanut the Squirrel, Goatseus Maximus, and Moo Deng.

Popcat price has formed bearish patterns

The daily chart shows that the POPCAT symbol has formed several bearish patterns, indicating further declines. It formed a head and shoulders pattern with a neckline at $1,900, which it moved below on December 14.

The 50-day and 100-day moving averages have formed a bearish crossover, which is often viewed as a mini death cross.

Popcat price also formed a bearish pennant pattern consisting of a long vertical line and a symmetrical triangle pattern. This pattern usually results in a bearish continuation.

Popcat also moved to the 61.8% retracement level. Therefore, the outlook for the symbol is bearish, as the next target to watch will be at the 78.6% retracement point at $0.4470, about 42% below the current level.