Worken has gotten the attention of the meme coin sector after its token, WORK, surged by more than 117,000% in just 24 hours.
The token is getting the market's attention because of the overall market condition and the fact that people are starting to discover the project.
What is Worken?
Worken is a new decentralized application under the Paidwork project which was built on the Solana Ecosystem. It has just launched its token in 2024, precisely on the 21st of April, 2024.
The project itself was originally launched as a Web2 application which then was transformed into a Web3 decentralized application, due to its needs.
The application is a freelance platform where users can find remote and freelance work all over the world as well as find workers to work for them on a contract or agreement basis.
It was originally developed in 2017, but it transformed itself around 2021 to 2023 to a Web3 platform, using the Solana Blockchain.
The need for blockchain technology on this platform is for the compensation process of the users.
With the Solana Blockchain, users can now pay and get paid quicker than before, because of how easy it is to transact internationally with blockchain technology.
Previously, users needed to wait a couple of days due to international restrictions, especially in some countries, which is why the team behind it decided to adopt blockchain technology to eliminate this problem.
Since then, the platform has grown significantly, with more than 50,000 users onboarded on their application.
Potential 250% Price Gain from WORK
Recently it has also announced that it will expand its services from only being able to work to now testing games and other products, which is why they are planning to onboard more users soon.
This has prompted the token to increase significantly, reaching more than 117,000% in just one day since its launch.
WORK’ Price Chart / Source: Dexscreener
Looking at its hourly price chart, it can be seen that the token is currently creating a lower high, which might prompt another upward movement soon.
Using the Fibonacci retracement, there is a potential for the price to correct around 20% from its current price.
However, there is a potential for the token to rise around 100% to 250% if the token decides to recover after going down around 20% to its support level. The target price is set with the Fibonacci Extension tool which can be seen from the chart above.
Currently, the token is available to trade using SOL on Raydium, which is why the price is not in USDT as it is easier for it to be set in SOL.
The selling volume is currently decreasing, which is why there might be potential for the price to go up even higher, especially when the US Market opens.
However, it is good to remember that this token is still categorized as a meme token with high risks to its potential reward, so it will be good to use proper risk management and a separate allocation of funds so that losses incurred will not damage the longevity of each trader’s portfolio.
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