TOM has been trending among meme coin traders as its price surged significantly in a short time, raising interest among the community.
The token itself is trending on Dexscreener as it is currently one of the top most traded meme tokens compared to other meme tokens in the crypto market.
What is TOM?
TOM is a meme token that was created on the Solana Blockchain, which uses the SPL Token standard.
It was created anonymously as a meme project to capitalize on the hype of the Solana Meme Sector.
There are no products attached to it, as the project purely promotes itself as a regular meme project with no plans or any product development.
All of this information is taken from its official website, which only states information on how to buy it as well as the token contract address of the token.
The token became popular not because it has fundamental values, but because it uses the branding of Tom from the Tom and Jerry Cartoon, reminiscing on the nostalgia of the older generation that watches this cartoon.
However, it received support from centralized exchanges that have listed the token, continuing its price surge.
The team itself also markets the product by stating that it will go up as high as 1,000x from its launch price.
How High Can TOM Go?
A 1,000x increase means a 100,000% increase in the token price, which has never been done before by a meme token in a short time.
However, TOM itself has shown that it has the potential to go up, as it has already gone up significantly since its launch.
TOM’s Chart / Source: Dexscreener
The price has gone up to more than 25,000%, which means that it already completed a fourth of its promise to the community.
It has 75,000% more to go to achieve a 1,000x increase, but is that possible to be done in a short time?
Looking at other meme tokens, when a token surges significantly and the holder count exceeds 10,000, there is little to no chance for it to increase by 1,000 in a short time.
However, this does not neglect the fact that the token can still go up higher, but the probability of it going up by more than 1,000% seems slim.
The next target for this token stands at around $0,3 which would yield an almost 300% increase, which is still normal for a meme token.
Considering that it has only been in the market for less than two days, anything can happen, where the token might even go up by 100,000% or even go to zero.
This is the risk of trading meme tokens, which is why it is good to always use proper risk management when doing so.
For TOM itself, it seems that the next couple of days are still positive as the weekend usually does not contribute much volume, so the possibility of a sudden selling pressure is low.
However, it is good to remember that meme tokens are volatile, so predictions cannot be made clear as they tend to be wrong.
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.
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