Newly initiated rally for MemeCore, witnessing a dramatic surge by 655%, raises questions: Will M also experience an increase?
In the past 48 hours, investors have accumulated $172,000 worth of M, the token of the meme-based blockchain project MemeCore. This renewed interest from investors follows the decision to postpone MemeCore's liquidity festival, originally planned to distribute $5.7 million to its most active traders.
At press time, M is heading towards the 0.5 Fibonacci resistance level, a significant milestone that, if broken, could lead to further gains for the token. The upcoming levels show minimal selling pressure for M, and sustained buying pressure could position it to break its previous all-time high.
The surge in MemeCore's token price can be attributed to several factors. The recent listings on major exchanges like Binance Alpha and Bitget have attracted substantial liquidity from both spot and derivatives markets. MemeCore's innovative consensus mechanism, Proof of Meme, rewards community creativity and viral spread, generating significant interest and engagement within the memecoin sector.
The project also benefits from viral campaigns and market hype, which have led to a strong community sentiment and increased trading volume. MemeCore’s participation in airdrop campaigns, such as the one with TinyPirate, provides incentives for users to hold M tokens, further boosting liquidity.
The growth of altcoins and supportive market trends, such as those influenced by Ethereum and Bitcoin, also contribute to MemeCore's liquidity. Potential partnerships, like one with MemeX, and the development of its Layer 1 chain can expand MemeCore's ecosystem and attract more users, thereby increasing liquidity.
Investors are driving M's rally by pricing in potential upside, as they believe the token is undervalued and ready for a breakout. The trend in the derivatives market could provide further fuel for M's upward momentum. Trading volume for M has jumped 25% to $860 million, and investors in both spot and derivatives markets are pouring liquidity into M, as per CoinGlass.
Over the past 90 days, M led all altcoin gains, according to CoinMarketCap's Altcoin Index, boasting a 655% return. The Average Directional Index (ADX) supports a bullish outlook for M, with a strong reading of 58.
M's rally continues, with the asset breaching the 0.236 Fibonacci resistance level. At press time, M has posted the highest gains in the past 24 hours, up more than 16%. Over $10.63 million worth of M was added in the derivatives market in the past day, with liquidation data favoring long positions.
However, no information about the future price projection for M is provided in the given text, and the specific date of the liquidity festival remains undisclosed. Nevertheless, investors may be seizing this moment to engage more actively with the MemeCore chain, building up on-chain activity before the event.
[1] Binance Alpha: https://www.binance.com/en/alpha [2] Bitget: https://www.bitget.com/ [3] Proof of Meme: https://medium.com/memecore/proof-of-meme-consensus-mechanism-7a38d1d0c01e [4] Ethereum: https://ethereum.org/ [5] TinyPirate: https://tinypirate.io/
- The surge in M's price can be attributed to its listings on major exchanges like Binance Alpha and Bitget, its innovative Proof of Meme consensus mechanism, viral campaigns, and participation in airdrop campaigns.
- The recent liquidity influx from both spot and derivatives markets has been significant for MemeCore's token, with trading volume jumping 25% to $860 million.
- Investors are pricing in potential upside for M, believing it is undervalued and ready for a breakout, which could lead to further gains and possibly breaking its previous all-time high.
- The growth of MemeCore's liquidity is also influenced by supportive market trends, including those related to Ethereum and Bitcoin, as well as potential partnerships and the development of its Layer 1 chain.
- The bullish outlook for M is further supported by the Average Directional Index (ADX) with a strong reading of 58, indicating a strong trend in the asset's price movement.
