NOHAT is a new Solana-based meme token that is trying to capitalize on the dog-themed sector in the crypto market.
It is currently trending as one of the most trader tokens among other new meme tokens in Dexscreener, reaching an active trader count of more than 10,000.
The token itself might not differ much from other dog-themed tokens in the meme sector; however, it is currently being promoted by many degen influencers.
NoHat’s Rising Popularity
NOHAT is a by-product of the new meme project called dogwifnohat, a copycat of the dogwifhat project, capitalizing on the dog-themed meme hype in the crypto market.
There is no clear information on whether the creators of both tokens are the same person, but traders do not seem to care as they are capitalizing on the recent price surge.
The popularity of NOHAT seems to be increasing significantly, even though it has only existed in the market for less than a week.
NOHAT was launched on May 10th, 2024, using the SPL Token Standard on the Solana Blockchain. Since then, it has received more than $26 million in trading volume and almost $1 million in liquidity.
Its holder count currently hovers around the 10,000 mark, meaning most traders are still actively transacting and waiting for another price surge.
The token itself became popular for two reasons: its similarities with WIF, the token from the Dogwifhat project, and the support from degen influencers.
NOHAT has the same logo as WIF; however, the WIF team did not make a copyright claim, and no traders seemed to care as they kept pushing the price upwards.
Influencers in the market seem to be supporting this token as well, calling it unique and bold for trying a move that has never been done before copying other tokens.
Some influencers even analyzed the on-chain transaction of this token and saw that the team did not perform snipe transactions. Calling it a token 100% controlled by the public is far from market manipulation.
Price Analysis
However, this does not mean that the token is safe from volatility and market manipulation, as there are still whale holders who can manipulate the price if they want to.
Even though some whales only hold around 1% of the overall supply, compared to its holder count, this is still relatively huge and enough to manipulate the market.
However, this concern is out of the question as most traders are still actively searching for profit through this token without any care in the world.
NOHAT’s 4-Hour Chart / Source: Dexscreener
Looking at its price movement, it can be seen that the token has been on an upward trend since its launch, which is good for traders overall.
But in this positive condition, there is a possibility that the token itself might go down to create a new lower high to follow the usual pattern of an uptrend.
Considering the transaction volume indicator of this token, the potential for it to go even higher is still prominent, as bulls are still dominating the token.
The exponential moving average indicator also suggests that the token is still positive, as its price still hovers above the indicator line.
The current support level stands at around $0.01767, possibly reaching the $0.009211 mark.
When the token reaches these support zones, there is a chance for it to go up even higher if the market remains positive.
The next target stands at around $0.02820, possibly reaching a new high of around $0.04 in the next couple of days.
All of these depend on the overall market condition because if sudden news impacts the market, most of these meme tokens will go down more than expected.
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.
Read Also:
Bitrue Official Website:
Website: https://www.bitrue.com/
Sign Up: https://www.bitrue.com/user/register
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.