- Memecoin airdropped tens of millions of tokens to whales who had been concerned within the FireSale.
- MEME misplaced 33.55% of its worth within the final seven days.
- If the RSI jumps to 58.35, MEME could retest the $0.02 area.
The launch of Memecoin (MEME) on the Binance Launchpad got here with a lot pleasure as many purchased into the hype. Apart from, the buildup that adopted the launch, Memecoin additionally distributed airdrops to early gamers and those that bought into the pre-sale season.
MEME’s pre-sale worth was $0.183. Nevertheless, after a 1005% earlier hike, MEME has misplaced 33.55% of its worth in accordance with CoinMarketCap, whereas exchanging palms at $0.017.
What Is Memecoin (MEME)?
Memeland, a web3 enterprise studio, developed Memecoin, and it’s the native token of the Memeland ecosystem. As of this writing, MEME’s market cap was $157.72 million. The full provide of Memecoin is 69 billion, with 8.79 billion of the tokens in circulation.
In line with Lookonchain, Memecoin allotted 25% of the entire provide as a reward for early adopters of the venture. In a November 8 publish on X (previously Twitter), two whales had been a part of the recipients. One bought $1.39 million from the airdrop whereas one other obtained $1.04 million.
These whales additionally bought tens of millions of MEME from a FireSale. A FireSale happens when market gamers search to dump belongings at any worth to dump their belongings. So the value fall could possibly be doubtless linked to the promoting strain attributable to these whales.
MEME Worth Drops
Though MEME’s worth motion displays “a purchase the rumor, promote the brand new” circumstance, nevertheless, indications from the Relative Power Index (RSI) confirmed that there could possibly be shopping for momentum appearing as a catalyst for a MEME uptick.
At press time, the 1-hour MEME/USDT chart confirmed that the RSI was 41.56. This studying means promoting strain was nonetheless current out there. On the identical time, the sell-offs appeared to be waning because the RSI jumped from 36.93 on November 7.
Ought to shopping for momentum get well and the RSI attain 58.35, MEME could retest $0.02. However shopping for momentum is probably not the one catalyst wanted to assist MEME revive. As of this writing, the Cash Circulation Index (MFI) was right down to 49.94.
The MFI measures the circulation of liquidity right into a cryptocurrency over a time period. However in contrast to the RSI which considers worth motion, the MFI tracks quantity. The downward pattern of the MFI signifies that the MEME pattern could proceed. So, MEME could proceed to comply with a bearish divergence within the brief time period.
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