- The memecoin’s price increased by nearly 14% in the last 24 hours.
- Most indicators hinted at a continued price rise.
As an analyst with a background in cryptocurrencies and market analysis, I find the recent price surge of MANEKI, the newly launched memecoin on Solana, to be quite intriguing. The sudden increase in price by over 14% in just 24 hours, as indicated by CoinMarketCap, is a significant development that warrants closer examination.
The memecoin craze continues to grow, and a fresh contender has entered the scene: MANEKI. This newly introduced memecoin has generated excitement within the crypto community following a significant price surge since its launch.
In fact, the memecoin became a hot topic of discussion in the crypto space.
MANEKI is gaining traction
To begin with, MANEKI is a novel meme token introduced on the Solana (SOL) blockchain, modeled after the popular Japanese beckoning cat figure.
According to Lookonchain’s latest announcement, the value of this memecoin has experienced a remarkable increase of over 30,000% since its debut, generating significant buzz within the crypto community in the past few days.
I was impressed when I came across SolanaFloor’s tweet announcing that the new cryptocurrency project, MANEKI, had achieved over $240 million in market capitalization just a few days after its launch.
The coin’s popularity was once again demonstrated through its significant trading volume in the past 24 hours among fans of DOGWIFHAT (WIF), a well-known memecoin residing on the Solana platform.
Based on data from CoinMarketCap, MANEKI experienced a notable increase of approximately 14% in the previous 24-hour period. At the moment of reporting, its price was at around $0.02572. Nevertheless, its market capitalization had decreased slightly and amounted to more than $220 million.
The intense bull market could be explained by the multiple listings of MANEKI on prominent exchanges such as Poloniex and Gate.io. Additionally, MEXC Global, another major exchange, has recently added MANEKI to its platform.
Whales are interested in MANEKI
One plausible explanation for MANEKI’s remarkable expansion could be the significant engagement of whales. A single individual may have been responsible for seven wallets that collectively invested $525,000, or 3,388 SOL, to acquire approximately 3.99 billion MANEKI tokens within a minute of the coin’s launch.
As a researcher investigating the distribution of a particular memecoin’s supply, I discovered that over 44% of its tokens were held in the wallets I analyzed.
According to data from Lookonchain, another experienced investor in memecoins has purchased a significant amount of MANEKI. Specifically, they spent approximately $1.52 million, or 10,138 SOL, to acquire around 76.94 million tokens at an average price of roughly $0.0198.
On March 15th, the very same whale successfully wagered a significant amount on Book of MEME (BOME) at Binance, subsequently withdrawing a considerable sum equivalent to 12,721 SOL or approximately $2.3 million.
Realistic or not, here’s BOME market cap in BTC’s terms
Due to the significant interest in MANEK’s cryptocurrency, AMBCrypto decided to examine its 2-hour chart for potential trends. Our analysis revealed that the Chaikin Money Flow (CMF) indicator had experienced a notable surge, suggesting a bullish outlook.
The meme coin’s Relative Strength Index (RSI) remained comfortably above the neutral threshold. Yet, should this index move into the overbought territory, it could trigger heightened selling activity. Subsequently, a potential price adjustment may ensue.
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2024-04-26 17:12