- The price of the memecoin has risen by almost 14% in the past 24 hours.
- Most indicators pointed to continued price increases.
As the memecoin battle gains traction, new cryptos are being launched, with MANEKI being the latest addition to the pack. The recently launched memecoin created buzz in the community with a massive price increase since its launch.
In fact, the memecoin became a hot topic of discussion in the crypto space.
MANEKI is gaining ground
To start with, MANEKI is a newly launched memecoin Solana [SOL] which is based on the Japanese beckoning cat.
According to Lookonchain’s tweetthe memecoin’s price has risen by more than 30,000% since its launch, making it one of the most talked about cryptos in recent days.
SolanaFloor, a popular X-handle that posts updates related to the blockchain, posted tweet mentioning that MANEKI managed to break $240 million in market cap within days of launch, which was commendable.
The popularity of the coin was once again proven by the fact that it turned around dog hat [WIF]an already famous memecoin originating from Solana, in terms of trading volume in the last 24 hours.
According to CoinMarketCapIn the last 24 hours alone, MANEKI is up almost 14%. At the time of writing, it was trading at $0.02572. However, its market capitalization was down slightly and stood at just over $220 million.
The reason behind this explosive bull rally can be attributed to multiple listings on major exchanges such as Poloniex and Gate.io. In addition, MEXC Global, another major trade fair, also recently took place announced that it has listed MANEKI on its platform.
Whales are interested in MANEKI
Another possible driving force behind MANEKI’s tremendous growth could be interest in whales. Seven wallets, possibly belonging to one person, spent 3,388 SOL, worth $525,000, to buy 3.99 billion MANEKI within 1 minute of the coin going online.
The number of coins collected by these wallets accounted for more than 44% of the memecoin’s total supply.
Moreover, according to Lookonchain’s factsanother whale, who has a track record of correctly betting on other memecoins, spent 10,138 SOL, worth $1.52 million, to buy 76.94 million MANEKI at an average price of $0.0198.
The same whale had previously deployed accurately Book of MEME [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 cap in terms of BTC
Since MANEKI’s demand was high, AMBCrypto planned to analyze the 2-hour chart to find out what to expect. According to our analysis, Chaikin Money Flow (CMF) recorded a sharp increase, which was a bullish signal.
The Relative Strength Index (RSI) was also well above the neutral limit. However, if the RSI moves into the overbought zone, selling pressure on the meme coin could increase. This could cause a price correction.
Source: TradingView