After what seemed to be an unstoppable run, Official Melania Meme – a new meme coin linked to the first lady of the United States Melania Trump – has finally succumbed to a full-blown crash, losing nearly 80% of its peak value of $13 in a span of a few days.
The token’s price, according to CoinmarketCap, is now trading around $2.4 and its market cap – which initially exploded to $6 billion – has suddenly reversed below the $500 million threshold.
Melania Meme’s current adversity is no surprise, considering the heavy sell-offs from holders who are now more focused on the best meme coin alternative to buy.
As the selling frenzy continues to gain more momentum, the token’s downward movement is even becoming more intense, meaning the token might possibly lose its $2 support level soon.
Can bulls gain an advantage and engineer another bounce for $MELANIA? Or will the token see a bigger decline in the coming days? Our experts take a deep dive into the potential price performance of the Melania Meme coin to ascertain whether it is currently the best or worst meme coin crypto to buy.
Official Melania Meme Price Analysis – Will $MELANIA Next Move Be A Recovery?
For almost two days after its launch, meme coin traders, particularly those who initially bought TRUMP, were rotating their profits to Melania. The buying spree triggered over 2000% pump in the price of the meme coin and also pushed its market cap above $6 billion.
Following that pump was a big correction. However, due to positive market conditions which propelled Bitcoin to its peak price of $109k on Monday, it was not until Wednesday that the Melania token price started to fall significantly.
At press time, the token is stranded around the $2.4 level, down by more than 55% on the three-day charts as traders continue to sell their holdings. Its daily trading volume has also plummeted 35% to $117.06 million, suggesting the increasing level of pessimism in its potential.
The MELANIA/USD 4-hour chart portrays a more gloomy landscape. Nevertheless, resistance stays at $3, which could be the gateway to brighter horizons. A breach here could pave the way for a rally toward $7.79, with $10.99 standing as a distant yet alluring peak.
Conversely, failure to defend the current level could pull the $MELANIA price toward lower levels, with $1.8 acting as the next line of defense.
Meanwhile, a more deeper perspective into the MELANIA market has been offered by Jacob Bury, a famous crypto analyst with over 54k YouTube subscribers. In a short video, Bury says it will be difficult for the Solana meme coin to regain its bullish strength if there is no true roadmap, conviction, or purpose.
While the broader market conditions are expected to play a crucial role, the YouTuber is not seeing any buying frenzy and price pump for $MELANIA unless there is a strong catalyst.
Will $MELANIA Rebound Above The $5 Mark?
The RSI at 31.37 echoes the market’s fatigue, suggesting intense selling activity. However, with the meme coin roaming in the oversold territory, bulls could still ignite another buying pressure to engineer a rebound.
A triumphant surge beyond the 50 mean levels could rekindle hope, painting a path of recovery amidst this volatile storm.
In this unfolding tale of caution and possibility, traders must navigate with both prudence and vision. However, reaching the $5 mark requires more than fundamental strength; the Melania coin market mood must shift.
Meme Index Could Be Investors’ Best Bet To Crush The Meme Coin Market
Official Melania Meme’s overall price performance signifies two things. First, it is always better to get in early on meme coins and take profit as soon as possible. People who got into the token very early and took their returns before its massive price correction made high gains while those who bought at the peak suffered losses.
Secondly, diversification is key to success in the meme coin market and indices offer a more strategic and streamlined way for degen investors to get this done.
Several indices exist but they do not embody the true spirit of the meme coin market due to their centralized nature. This is where Meme Index steps in, offering decentralized indices that give full control to members of the community, allowing them to decide which tokens can be added or removed from time to time.
However, being a community-centric project is not the only factor that has positioned Meme Index on the watchlist of degen investors. The project’s four indices, which are designed to complement the varied risk-taking propensity of investors, have also contributed immensely to its growing appeal.
The first one, according to Meme Index, is dubbed the Meme Titan and it contains high-cap meme coins, especially the ones above the $1 billion market cap benchmark. Considering the fact that tokens in this basket are well-established and have stable price actions, it might be a more suitable option for those seeking less risky investment opportunities in the meme coin market.
Next up is known as the Moonshot Index and it features meme coins that are close to reaching the $1 billion market cap level. They are either listed on top-tier exchanges or about to list but boast a vibrant community.
There is also the Midcap Index, which may be a worthwhile option for those who can stomach some level of risk. Meme coins that are covered in this basket are mostly between $50 million to $250 million in market cap but have the potential to dethrone the Moonshot tokens. The last one, known as the Frenzy Index, is for those seeking highest-reward and highest-risk investment opportunities.
$MEMEX – the token powering the ecosystem – will serve as investors’ ticket to accessing any of the baskets. This simply means holding the token provides a rare opportunity for investors to navigate the volatile meme coin market in line with their risk levels in one go.
More so, as mentioned earlier, token holders will maintain full control over how each indexes will be rebalanced from time to time, making MEMEX a DAO-based meme coin.
That, alongside the impressive staking perks offered by the project, has been driving the strong investor interest in the token. Its presale is selling out faster than anticipated, having raised close to $3 million within a few weeks.
As the presale gathers more momentum, reputable crypto news outlets like Cointelegraph have discussed the significance of Meme Index’s decentralized basket offerings to the fast-moving meme coin market.
Popular crypto personalities such as ClayBro have also reflected on Meme Index’s relevance, describing it as the best bet for investors aiming to crush the market.
With the adoption of meme coins growing each day, Meme Index is more likely to attract a large user base, which could possibly trigger a 10x growth for MEMEX in the coming months.
The Cryptonomist – Read More