The Solana meme token ecosystem is filled with new meme tokens every single day and traders seem to love it as they have more profit opportunities. 

These new tokens are still the number one option for meme traders, as they prefer the volatility that comes with it. 

While there are new tokens in the ecosystem, some traders who prefer lower risks are still coming back to older meme tokens that have been in the market for weeks, even months. 

This is because, with older meme tokens, the volatility is still there, however, the chance of a rug pull happening is lower than with newer ones, which makes it safer. 

One of the tokens that seem to be attracting traders is MICHI, as the token itself has been going up more than 500% in just the last week. 

Why is MICHI Going Up?

MICHI is a cat-themed meme token inspired by the famous standing cat that is a meme across most social media platforms. 

The token itself was launched last month, however, its popularity is still increasing due to the team actively marketing and developing the project. 

What is interesting about this token is that, even though the token was launched last month, it is still able to go up higher, even reaching a 500% price gain in just the last week alone. 

The price surge is accompanied by more than 5,000 holders and traders who are actively trading the token among themselves. 

The holder and trader count of this token is not far off from the member count and follower count of their Twitter and Telegram Accounts. 

Currently, MICHI has more than 6,000 followers on Twitter and more than 2,000 members on its Telegram Channel. 

This means that most of these holders are loyal, as they do not only look for short-term opportunities but they want to know how the project is doing and what developments are happening, hence why they followed and joined MICHI’s social media channels. 

Price Analysis

The recent price surge happened because of a new development in the project which is a new art feature on its official site. 

There are still no products attached to it, however, the team has created a feature where the visitors of the site can customize their own MICHI Cat with clothes and other accessories. 

The new feature has prompted speculations of a potential NFT Launch as this move is pretty common among meme tokens. 

With all of these combinations of art forms, there is a possibility that the MICHI Cat will be turned into its own NFT Collection, turning MICHI from only a meme token into a proper crypto project. 

MICHI’s Daily Chart / Source: Dexscreener

Looking at its price, it can be seen that the uptrend is still strong with no signs of slowing down. This has prompted many traders and holders to think that the token might go up even higher, especially if the NFT rumors are true. 

Using the Fibonacci Extension, the next target for this token to go up to is around $0.4343 to $0.7 which can trigger a 100% to 200% price movement in the next couple of days. 

However, looking at its volume, there is a chance that the token will go down on the weekend due to temporary selling pressure from its holders. 

If the token went down, there is a probability that it will go to around $0.14, which stands in the 61,8% Fibonacci Retracement zone, a good support level to use with this tool.

But note that this token is still a meme token, so it is good to remember while the token is considered quite safe, it is still more volatile than most cryptocurrencies out there, which is why it is good to always involve proper risk management when trading 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.

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