TOLYCAT is a new cat-themed meme token set to join the Solana Meme Hype. It became popular after it launched yesterday, but traders are doubting its potential.
Traders are doubting TOLYCAT because of its price movement that is currently trending downwards, which raised the question, of is the token still profitable to buy.
Why was TOLYCAT Trending?
TOLYCAT is a new meme token on the Solana Blockchain that was created by an anonymous team using the SPL token standard.
The name itself was inspired by the founder of Solana, Anatoly Yakovenko, where the word Toly was taken from his name, and the cat represents the cat that he owns.
The token was created after he tweeted that a picture of his cat was archived on the Solana Blockchain which was minted as an NFT Token that is not for sale.
People started to look for opportunities after the tweet was published, which is when TOLYCAT was created.
The project has no real value and no real plans with little to no information on its official website.
It became popular after TOLYCAT rose more than 8,000% in just two hours, which attracted a lot of degen traders into it.
The market capitalization of this token started rising, reaching more than $200,000 in under a day since its launch.
Price Analysis
The positive sentiment around this token quickly faded after early traders started to sell their holdings which prompted a downward trend for this token.
Currently, the price is moving in a consolidation phase with mostly corrections in the hourly time frame.
The movement raised the question of is the token still worth it to buy into. Just by looking at a glance, the current condition can be the base to answer the question, the token is not looking profitable to trade with.
TOLYCAT’S Hourly Chat / Source: Dexscreener
However, things can change if there is a sudden influx of buying volume for this token in the next couple of hours.
It needs to stay above $0.0002 to have any hope of ever recovering back to its highest price.
To trade this token safer, traders can wait until the price moves above the $0.00063 mark, which is a good buying zone for the token.
If the price goes up from there, then there will be a more than 200% potential price gain reaching the $0.002 level.
All of this depends on the buying volume that can be seen in the next couple of hours as the US Market opens.
If there is no more buying volume it is better to leave this token, as there are more profitable and safer meme tokens in the market.
Keep in mind that most meme tokens are volatile with higher risks than other cryptocurrencies, which is why it is always good to keep risk management in tack to manage potential losses if things go south.
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