Crodie is a new meme token on the Solana  Blockchain that was created in January 2024. Since its launch the price has been stagnant, however, recently the token had a parabolic surge of around 2,500% in just under a week. 

This has created a new FOMO in the Solana Ecosystem, because while most of the traders that traded CRODIE are old holders that have held CRODIE since its launch, some are new traders, essentially increasing its holder count to a little under 10,000 wallets. 

What is CRODIE?

CRODIE is an SPL-based token that was launched at the end of January 2024 by an anonymous team through the Raydium Decentralized Exchange. 

Since its launch, the price went stagnant as no one really knew or cared enough about the token. This was because CRODIE is a cat-themed meme token, and during its launch, other cat-themed meme tokens were more popular, hence why CRODIE was left out. 

CRODIE itself became popular because of this trend, as most of the meme tokens on the Solana Ecosystem are cat-themed to beat existing dog-themed meme tokens on the Ethereum and EVM Ecosystem. 

This token in particular gained its popularity through the famous rapper named Drake, as Crodie itself is the name of the rapper’s cat.

It went up after Drake stated his cat’s named Crodie while looking at a screen during his live session on a streaming platform. 

While none of the people knew what Drake was looking at, some speculated that he was looking at the CRODIE meme token logo while acknowledging that Crodie was indeed, his cat. 

This is why CRODIE surged significantly, even higher than it did during its launch. 

Since May 3rd, 2024, CRODIE has gone up by around 2,500% to its current price at the time of writing, which is why most traders are FOMO-ing into it, making it the third most traded meme tokens at the time of writing. 

Price Analysis 

Traders are speculating that the token can go up even higher, but the reality is, that CRODIE has gone up significantly without any correction to normalize its upward trend. 

CRODIE’s Chart / Source: Dexscreener

Looking at its daily price, it can be seen that the token is highly overbought, with a potential for a correction shortly. 

If the team does not rug the project, then a correction would be healthy for CRODIE’s long-term movement. 

Using the Fibonacci Retracement tool, CRODIE may go down to around $0.01839 before it has another leg up. 

This support zone is in line with the 61.8% Fibonacci zone, which is usually considered a good support zone before a reversal happens. 

If the price recovers from this zone, then there is a potential for it to create a new high at around $0.04455 if it successfully breaks out of its current highest price. 

Looking at the daily candlestick, it can be seen that there are too many wicks, which is usually a sign of potential price correction. 

For now, it is better to wait and see, as there is no possibility to short this token yet, which is why it is better to wait for it to go down and have a confirmation for another leg up to trade it safely, as the token is still highly volatile. 

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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