MANEKI is a meme token that has been alive in the market since last week, specifically, it was launched on April 22nd, 2024.
The token itself is an SPL Token created on the Solana Blockchain, capitalizing on the cat-themed meme token trend, as the token itself uses a Japanese cat as its mascot and token logo.
This token has been dubbed one of the safer tokens with a great team behind it, even though the team itself does not publish itself to the public.
This narrative stems from MANEKI’s token economics and launch mechanism which is considered fair by most traders and analysts in the meme sector.
MANEKI’s Popularity
The narrative can only take MANEKI so far, as the token increased more than 22,500% in just under a week after its launch, but went down by more than 56% afterward.
This movement is why people considered MANEKI to be a safer option, as most new meme tokens that have gone up by that much will probably go down by more than 90% in a much shorter time.
MANEKI’s strong support is held by the team behind it and the community itself, as the community seems to be supporting the project, predicting it to be the next leader in the cat-themed category.
The team also accommodates this narrative by publishing new information every day, increasing trust among the community.
This news is what keeps the community strong and the price even stronger, as most of this news is about partnerships and listings.
This is why even after going down by more than 50%, the token still managed to consolidate and not go to zero.
Most of this news is partnerships with other meme projects, however, most of these are in the NFT, GameFi, and art sectors.
This has led to speculation that MANEKI will create its product soon, but no one can know what the product is.
The positive sentiment is also being pushed by the listing news, where MANEKI is now listed in some of the biggest centralized exchanges in the crypto market.
Price Analysis
All of this news has made MANEKI hold its ground strongly from a technical analysis standpoint, which prompts traders to speculate that there will be another leg up.
MANEKI’s Daily Chart / Source: Dexscreener
Currently, the price is consolidating, probably waiting for a new positive sentiment to push it upwards.
There is a chance that the token will go up again, but it will probably wait until there is huge news, which might be the launch of MANEKI’s product.
The movement of MANEKI itself is pretty textbook, as the token is consolidating around the 61.8% Fibonacci Retracement zone, which is usually considered as a strong support ozone before a reversal happens.
If the price holds strong at this level, then there is a probability that the token will go up again, sometime in the next few weeks.
MANEKI needs to hold the support level of $0.01091, because if the price breaks this support level, then the chance of it going up again is close to zero.
However, if the price decided to go up from this support zone, then there is a probability that the token will go up to the $0.03 or $0.022 price target, which would yield 200% to 300% price gain.
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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