MICHI monthly gains surpass 66% as whale activity intensifies
Release: 2024/10/30 19:34 Reading: 383
Whales Flock to MICHI as Meme Coin Surges
Whales have set their sights on MICHI, a meme coin that has seen monthly gains exceeding 66%.
On October 30, MICHI reached an intraday high of $0.38, breaking out of a tight trading range and propelling its market cap to a valuation of $203.8 billion. At the time of writing, its daily trading volume remained above $23.7 million.
The Solana-based token's rally has been fueled by substantial transactions recorded on Solscan. A newly funded whale address initiated dollar-cost averaging by investing $1.4 million in MICHI. Two other whales followed suit with investments of $405,000 and $302,773, respectively.
Whale investments often signal bullish sentiment for a cryptocurrency, as these large buyers conduct thorough assessments before making strategic investments. With the meme coin market heating up, whales are attracted to the growth potential of low-cap tokens like MICHI.
Last month, a Dubai-based venture capital firm announced plans to invest over $30 million in the meme coin. Additionally, the number of MICHI holders has surged to over 36,561 in recent months.
Further growth could be imminent if MICHI is listed on Binance, a tier-1 exchange. Previous listings of other Pump.fun tokens on Binance have resulted in substantial price increases. MICHI is also ranked second in KuCoin's GemVote event, where community support could secure its listing.
Currently, MICHI is available on several tier 2 exchanges, including MEXC, LBank, BingX, and RabbitX.
These developments have pushed MICHI up over 67% in the past 30 days, making it the fourth-largest Pump.fun token by market cap.
Technical indicators suggest that MICHI's rally could continue. The meme coin is close to the upper Bollinger Band, indicating a strong uptrend. The Moving Average Convergence Divergence also confirms this, with the blue MACD line poised to cross over the orange signal line.
MICHI's price remains above the 50-day Moving Average, highlighting the dominance of bulls. Its Relative Strength Index is at 62, indicating that there is further room for growth before reaching overbought levels.
Moreover, a "cup and handle" pattern, a bullish indicator, has emerged on MICHI's 1-day chart. Confirmation of this pattern requires a breakout above the $0.37 resistance level. If confirmed, this pattern could lead to a significant price rally towards MICHI's all-time high of $0.58, achieved in May.
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