$YEEE has caught the attention of meme coin traders as its price surged more than 10,000% in just under an hour.
This happened during its launch on the Solana Blockchain, which prompted new FOMO to its market capitalization.
However, the trend seems to have dialed down as the token is currently trending downward with high selling pressure.
What is $YEEE
$YEEE is a meme token that was created anonymously with the SPL token standard on the Solana Blockchain.
The token’s name is a play-on-words of the famous rapper Kanye West, basing it on the controversies that the rapper has had a couple of weeks back.
The token itself does not have any utility nor does it have clear information on what it is. It also does not seem to have an official website which makes gathering information about it pretty difficult.
There are no social media accounts related to the project itself and also no community channels anywhere.
This means that most traders that traded the token seem to be FOMO-ing into it without much thought basing it on pure speculations and the Solana Meme Hype.
The token itself was just launched today, approximately eleven hours ago. Since then, the token has trended downwards after creating a huge week pumping its price to more than 10,000%.
Can it Go Higher?
But, after the price corrected, it went back up again prompting a 6,000% increase in just three hours after the launch.
$YEEE’s Chart / Source: Dexscreener
Currently, the price is trending downwards on its hourly timeframe, which started a new selling pressure, evidently increasing the probability of this token’s downtrend.
However, the price of this token can go back up again, only if the US Market traders buy into it. This is because most of these transactions are happening in the Asia and EU Session, where the whole US traders are still not in their prime volume time yet.
If there is a sudden influx of buying volume and the price of $YEE breaks out of the $0.0002196, then there is a probability that the token will go up to around $0.0008257.
This could trigger a potential profit of more than 200% in the next couple of hours, but the current condition says otherwise.
As selling pressure is still strong, traders are not recommended to buy into this token as it lacks information about what the token is and how this will be developed in the future.
This trader can be categorized as a pump-and-dump token which means that it is a high-risk token, not suitable for traders that have low-risk preference.
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