MICHI leads top 300 altcoins with 15% rally following CEX listing

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As a seasoned researcher with over two decades of experience in the crypto market, I’ve seen my fair share of meme coins coming and going. However, MICHI has certainly piqued my interest with its recent performance.

On November 4th, MICHI stood out as the top gainer among the top 300 cryptocurrencies, bucking the general downward trend in the broader market.

On the previous day, the meme coin built on Solana surged by more than 15%, resulting in a total gain of 32.8% for the week. At that moment, its market capitalization surpassed $184 million, while its daily trading volume was approximately $16.8 million.

Following its listing on the cryptocurrency exchange Gate.io, where the MICHI/USDT trading began on November 4th, Michi (MICHI) experienced an upward trend. Listings on prominent centralized exchanges like Gate.io are often viewed as a positive sign by traders, leading to price increases as they scramble to profit from the excitement generated within the community.

Today, it was noted within our community that substantial investors, owning at least 10,000 tokens, purchased approximately 4.43 million MICHI tokens in the last 24 hours. This investment currently carries a value of over $1.48 million according to current market prices.

Just last week, it was noticed that several whale wallets were consistently buying the meme coin using a method called dollar-cost averaging.

Due to substantial financial backing from major traders and astute investors, many market analysts predict that Binance, the globally recognized cryptocurrency exchange, could potentially add MICHI to its roster, potentially boosting its current bull run even more.

As a researcher, I firmly believe that Binance may decide to list the MICHI ($michi) spot due to its reputation as the most decentralized memecoin in the market. This is based on my analysis of its association with Solana (SOL).

— JC.5mbK (@Crypto_JCXX) November 4, 2024

Since late October, there’s been a steady increase in the number of MICHI coin holders. Solscan data indicates that currently, over 38,900 investors own this meme coin, an uptick from the 36,561 reported by crypto.news on Oct. 30.

Analyst Murad emphasized on social media platform X, pointing out another advantage for the meme cryptocurrency, by posting a chart that demonstrated MICHI as the leading decentralized meme coin with optimal distribution among its owners. An equitable distribution of the meme coin’s tokens amongst holders ensures that no single entity holds significant control over the market, alleviating concerns about market instability if a major holder chooses to sell.

MICHI chose not to associate with the 298 alternative cryptocurrencies that mirrored Bitcoin‘s plunge to a day-low of $67,569, a decrease from its peak of $73,295 over the past week.

The cost of Bitcoin started to decrease as the probability of Donald Trump being elected as the Republican presidential candidate in the United States dropped to 56.7%, from an earlier 66.9% on October 30, according to data from the betting platform Polymarket.

What’s next for MICHI?

Looking at the one-day MICHI/USDT chart, we see a Relative Strength Index (RSI) of 60 and an Average Directional Index (ADX) of 33. This combination suggests a robust bullish trend, potentially driving more growth for the meme coin in the immediate future.

MICHI’s position was slightly higher than the middle line of the Bollinger Band, which stood at 0.3079. It was moving towards the upper limit of the band priced at $0.3804. If it manages to surpass the upper band at $0.3814, it could potentially challenge its record high of $0.497, marking an increase of approximately 42% from its current values.

If the price were to reverse its trend from the current position, $0.3083 would serve as an immediate point of potential stability or floor, with $0.2350 potentially acting as a further supportive level in case the price continues to decline.

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2024-11-04 14:38