Cat-themed meme tokens are currently the hype among meme traders as new cet-themed meme token seems to be trending day after day.
One of the new ones is called BIBI, which is a new SPL-Based meme token that was built on the Solana Blockchain.
It currently sits at the fourth spot in terms of most traded meme tokens among other new meme tokens and coins, which is why it is currently trending.
What is BIBI?
BIBI is a simple meme token that uses an infant cat as its token logo. The cat itself is not famous, as it is just a random meme cat that is currently going around the internet because people think that it is “cute”.
The project itself was just launched yesterday and has since gone up by around 5,000% after the launch before it started going down today by around 50%.
What is interesting is that even after the token plummets more than 50%, the token holder count did not drop significantly as it is still hovering around 8,000 to 10,000 wallets.
This means that most of its holders are expecting that this token will go up again significantly in the long term, supported by the narrative that cat-themed meme tokens will trend.
BIBI has no product attached to it, aside from its social media channels, its official site, and its token, which means that the token’s price movement only depends on the hype around the community itself.
The team behind BIBI is still actively promoting the project through partnerships with other meme projects as well.
This is another reason why the token is currently holding its ground even after a huge price correction.
Through its social media channels, the team has published several pieces of news regarding its current plans, some of which are partnerships, listings, and burn news.
There are speculations that the token will be listed in some exchanges, expanding its transaction from only Raydium to other CEXes and DEXes.
The most significant positive sentiment is the fact that the team behind it is actively burning the supply of BIBI, which prompted speculations of potentially reaching the price of $1 per BIBI.
Price Analysis
These burns are essential for the price movement, as the token’s supply was originally around 1 Billion BIBI before it went down.
The team behind BIBI seems to be copying the move of Shiba Inu in the hopes of reaching the same result in terms of market capitalization and popularity.
BIBI’s Chart / Source: Dexscreener
Looking at the hourly chart of BIBI, it can be seen that the token is currently in a consolidation zone of a symmetrical triangle pattern.
There is a potential for the token to go up again if the current resistance zone is broken and BIBI escapes the symmetrical triangle pattern.
The next target for BIBI stands at around $0.002553 if it can break the $0.001515 resistance and maintain the $0.001070 support zone in the next couple of hours.
All of the volume seems to depend on the US Market, as most of the drivers of this token’s price came from the US.
This is evident by how high the volume was during the US session, which is why the future of BIBI depends on the movement of the US session.
Overall, the team seems to not have any potential to rug the project, but just like other meme projects, this is a possibility that cannot be ruled out yet.
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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