- The memecoin’s price increased by nearly 14% in the last 24 hours.
- Most indicators hinted at a continued price rise.
As the memecoin battle gains more traction, new cryptos get launched, with MANEKI being the latest addition to the pack. The recently launched memecoin created buzz in the community with a massive price rise since launch.
In fact, the memecoin became a hot topic of discussion in the crypto space.
MANEKI is gaining traction
For starters, MANEKI is a newly launched memecoin on Solana [SOL] that is based on the Japanese beckoning cat.
As per Lookonchain’s tweet, the memecoin’s price has surged 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 a tweet mentioning that MANEKI managed to break $240 million in market capitalization within days of its launch, which was commendable.
The coin’s popularity was yet again proven by the fact that it flipped dogwifhat [WIF], an already famous memecoin native to Solana, in terms of trading volume in the last 24 hours.
According to CoinMarketCap, MANEKI was up by nearly 14% in the last 24 hours alone. At press time, it was trading at $0.02572. However, its market cap had reduced slightly, as it stood at just over $220 million.
The reason behind this explosive bull rally could be attributed to multiple listings on large exchanges like Poloniex and Gate.io. Apart from that, MEXC Global, yet another large exchange, also recently announced that it has listed MANEKI on its platform.
Whales are interested in MANEKI
Another possible driving force behind the MANEKI’s massive growth could be whale interest. Seven wallets, possibly belonging to a single person, spent 3,388 SOL, worth $525K, to buy 3.99 billion MANEKI within 1 minute after the coin went online.
The number of coins accumulated by these wallets accounted for more than 44% of the memecoin’s total supply.
Additionally, as per Lookonchain’s data, another whale, which 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 earlier accurately bet on Book of MEME [BOME] and withdrew 12,721 SOL, worth $2.3 million, from Binance on March 15th to buy BOME.
Realistic or not, here’s BOME market cap in BTC’s terms
Since MANEKI’s demand was high, AMBCrypto planned to analyze its 2-hour chart to find out what to expect. As per our analysis, Chaikin Money Flow (CMF) registered a sharp uptick, which was a bullish signal.
Its Relative Strength Index (RSI) was also resting well above the neutral mark. However, if the RSI enters the overbought zone, selling pressure on the meme coin might increase. This can cause a price correction.
Source: TradingView