Memecoin (MEME) is causing a stir in today’s trading landscape as it debuts on multiple exchanges, sparking tremendous interest among investors. This remarkable launch, marked by a staggering 2500% surge, has captured the attention of market participants. Meanwhile, this debut seems to be paving the way for an airdrop mania.
Memecoin Surges over 2500%
From the early hours, the buzz around Meme Token’s impressive 2500% surge has been palpable. This meteoric rise for a newly launched token has caught many eyes, with MEME now at $0.025699. The question on everyone’s mind is what comes next, especially with an airdrop event looming since the demand has already started pouring in.
MEME/USDT 24-hour price chart (source: Binance)
Lookonchain broke the news today, hinting at an impending airdrop craze for MEME. The reported figures are staggering, with 2.35 billion MEME tokens requested. This move translates to approximately $52.4 million, accounting for 13.6% of the supply.
Moreover, Lookonchain also sheds light on the profiles of the requesters, pointing toward cryptocurrency whales. An interesting detail to note is that upon MEME’s listing on Binance, its price soared to $0.1. Focusing on the whales, @lastvikingeth has requested 50.73 million MEME tokens, amounting to $1.13 million. On the other hand, @dingalingts has put in a request for 26.88 million tokens, roughly equating to $599,000.
Looking at other MEME whales, @Keungzeth has asked for 24.92 million tokens, valued at about $555,000, while @BitroxEth has requested 20.62 million tokens, approximately $459,000.
Implications of the Demand Surge
This massive influx of MEME requests could signal an impending sale wave. Moreover, Binance rewards those staking BNB, USDT, and FUSD with MEME tokens, indicating ongoing distribution.
Consequently, the swift action by whales to sell could significantly impact MEME’s price, potentially leading to a market dip. Significantly, MEME’s market value has just surpassed the $1 billion mark.
MEME/USD in Hourly Time Frame: Chart Pattern Hints at an Impending Breakout
After a massive upsurge on November 3rd, the Memecoin price went sideways trading around the $0.023 mark. For the past two days, the coin price has consolidated within a narrow range of a Bull Flag pattern. In theory, the coin pattern favors the continuation of prior indication, as this break period recuperates bullish momentum. As a result, the buyers may breach the upper trendline, which could surge the recovery to the $0.0315 mark.
On a contrary note, a breakdown below the lower trend is possible as it may trigger a significant correction.
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