FUKUINU has been trending as one of the most popular meme coins that was launched yesterday.
The trend started because it has the highest amount of holders, currently beating other new meme tokens and coins.
However, the popularity might begin to fade as the price is currently trending down and is showing no signs of recovery.
Can FUKUINU Recover?
FUKUINU started trending because of its holder count which exceeds most new meme coins and tokens on the Dexscreener platform.
According to the platform, new meme tokens or coins usually have a holder and trader count of around 6,000 on average.
FUKUINU managed to exceed this number as its holder surged to above 20,000 and stayed above 10,000 even after the price went stagnant.
The token is a Solana meme token that was launched yesterday through Raydium, one of the most popular decentralized exchanges in the Solana Ecosystem.
The price went up to more than 48,000% in less than 6 Hours, which was why the token started gaining attention from meme traders.
FUKUINU’S Price Chart / Source: Dexscreener
But, after the price surged, it went down by more than 90% in just one hour, and since then, the price of this token has been stagnant, going up by 100% to 200% and then going down by 50%.
Looking at its current price, the token is not suitable to be traded with as it is a high-risk token with pump and dump mechanisms that are done by large holders, including the creator of this token.
There are no products attached to the token, including no website, so there is no information about plans or anything that could push the token upwards.
Why Was it Popular?
The token became popular not because of how good the fundamentals were, but because most people thought that it would move similarly to the Shiba Inu Coin.
Both were marketed using Japanese and both have the word Inu in them, which prompted traders to speculate on the potential of this token moving similarly to the SHIB coin.
The other reason was that this token capitalizes on the hype of the Solana Meme Ecosystem, which is why it started going up in a short time.
There are no other reasons that caused this token to go up, as the project is just another meme project capitalizing on the hype.
Note that this token is still available to be traded as the project has not been rug-pulled yet by the team.
The team behind this project seems to have snipped a significant amount of the total supply in the launch, however, it cannot be seen how many wallets belong to the team due to them diversifying it.
This means that the team still has control over the project and might pump and dump the token to their benefit.
Looking at it positively, the team might also redevelop the project to have its product if the token starts trending again.
But, the uncertainty is not worth the risk, since there are many more meme tokens and coins that have more potential in the long term.
In conclusion, the possibility of this token recovering is close to zero, and the risk of waiting for the uncertainty of the project’s development is not worth it.
Investor Caution
While the meme hype has been exciting, remember that the crypto space can be volatile. Always conduct your research, assess your risk tolerance, and consider the long-term potential of any investment.
Read Also:
Bitrue Official Website:
Website: https://www.bitrue.com/
Sign Up: https://www.bitrue.com/user/register
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.