- The price of memecoin increased by almost 14% in the last 24 hours.
- Most indicators pointed to a continued rise in prices.
As the memecoin battle gains more steam, new cryptocurrencies are being launched, with MANEKI being the latest addition to the pack. The recently launched memecoin created a stir in the community with a massive price increase since its launch.
In fact, memecoin became a hot topic of discussion in the crypto space.
MANEKI is gaining ground
To start with, MANEKI is a recently launched memecoin in solarium [SOL] which is based on the Japanese beckoning cat.
According to Lookonchain cheepThe price of memecoin has increased by more than 30,000% since its launch, making it one of the most talked about cryptocurrencies in recent days.
SolanaFloor, a popular X handle that posts blockchain-related updates, posted a cheep mentioning that MANEKI managed to surpass $240 million in market capitalization within days of its launch, which was commendable.
The popularity of the coin was demonstrated once again by the fact that turned around dog hat [WIF]an already famous native Solana memecoin, in terms of trading volume in the last 24 hours.
According CoinMarketCap, MANEKI is up almost 14% in the last 24 hours alone. At the time of this publication, it was trading at $0.02572. However, its market capitalization had decreased slightly, standing at just over $220 million.
The reason behind this explosive bullish rally could be attributed to multiple listings on large exchanges like Poloniex and Gate.io. Apart from that, MEXC Global, another major exchange, also recently https://twitter.com/MEXC_Official/status/1783386307915595983 which has included MANEKI on its platform.
Whales are interested in MANEKI
Another possible driving force behind MANEKI’s enormous growth could be interest in whales. Seven wallets, possibly belonging to a single person, spent 3,388 SOL, worth $525,000, to purchase 3.99 billion MANEKI in 1 minute after the coin went online.
The amount of coins accumulated by these wallets represented more than 44% of the total memecoin supply.
Furthermore, according to Lookonchain https://twitter.com/lookonchain/status/1783689702287327740Another whale, who has a history of successfully staking other memecoins, spent 10,138 SOL, worth $1.52 million, to purchase 76.94 million MANEKI at an average price of $0.0198.
The same whale had previously bet accurately MEME book [BOME] and withdrew 12,721 SOL, worth $2.3 million, from Binance on March 15 to purchase BOME.
Realistic or not, here it is BOME market capitalization in terms of BTC
Since demand for MANEKI was high, AMBCrypto planned to analyze its 2-hour chart to know what to expect. According to our analysis, Chaikin Money Flow (CMF) recorded a strong rally, which was a bullish sign.
Its Relative Strength Index (RSI) was also well above the neutral mark. However, if the RSI enters the overbought zone, the selling pressure on the meme coin could increase. This may cause a price correction.
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This is an automatic translation of our English version.
