Memecoin’s (MEME) Binance Itemizing Lands Tokens In Whales Wallets

• Memecoin airdropped thousands and thousands 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 might 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 people who bought into the pre-sale season. 

MEME’s pre-sale value was $0.183. Nonetheless, after a 1005% earlier hike, MEME has misplaced 33.55% of its worth in response to CoinMarketCap, whereas exchanging arms 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 overall provide of Memecoin is 69 billion, with 8.79 billion of the tokens in circulation.

In keeping with Lookonchain, Memecoin allotted 25% of the entire provide as a reward for early adopters of the mission. 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 acquired $1.04 million.

These whales additionally bought thousands and thousands of MEME from a FireSale. A FireSale happens when market gamers search to dump property at any value to dump their property. So the worth fall could possibly be seemingly linked to the promoting stress brought on by these whales.

MEME Worth Drops

Though MEME’s value motion displays “a purchase the rumor, promote the brand new” circumstance, nonetheless, indications from the Relative Energy Index (RSI) confirmed that there could possibly be shopping for momentum performing 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 stress was nonetheless current out there. On the similar time, the sell-offs gave the impression to be waning because the RSI jumped from 36.93 on November 7.

Ought to shopping for momentum recuperate and the RSI attain 58.35, MEME might retest $0.02. However shopping for momentum will not be the one catalyst wanted to assist MEME revive. As of this writing, the Cash Move Index (MFI) was right down to 49.94.

The MFI measures the movement of liquidity right into a cryptocurrency over a time frame. However not like the RSI which considers value motion, the MFI tracks quantity. The downward development of the MFI signifies that the MEME development might proceed. So, MEME might proceed to observe a bearish divergence within the quick time period.