$MEME exploded today surging over 1,105% following the announcement that it will list on Binance. With the crypto market hungry for the next hot meme coin, many are wondering if $MEME is worth buying into amid the hype.
$MEME first launched just last week, and crypto enthusiasts have been quick to jump on the bandwagon. The token saw parabolic growth immediately after Binance announced it would list the coin, with $MEME entering price discovery mode as buyers piled in.
At the time of writing, $MEME is trading around $0.000000243, up from just $0.000000022 since yesterday.
However, there are risks associated with chasing these types of overnight meme coin surges. $MEME is still up more than 1,000% in a single day, so there is potential for a pullback as the hype calms down. The coin’s RSI is now flashing overbought at 66, indicating the price could be due for a correction after such a vertical rally.
The main catalyst behind $MEME’s massive pump was the Binance listing announcement. History has shown that many altcoins experience a “sell the news” effect post-listing, where prices cool off as the news gets sold.
$MEME also lacks fundamentals or real utility at this point. The project founders have said there is “No utility. No roadmap. No promises. No expectation of financial return. Just 100% memes.” This means $MEME is mostly driven by speculative hype and user excitement about memes and viral trends. The long-term use case is unclear, other than capitalizing on the popularity of meme culture.
Overall, while the FOMO and hype around $MEME is high right now after the Binance listing, there are risks to chasing meme coins at all-time highs purely based on speculation. $MEME may continue pumping, but historical precedent shows most “flavor of the week” meme coins see diminishing returns after the initial mania.
So is $MEME worth buying at today’s prices? It depends on your risk tolerance. More conservative investors may want to wait for a pullback before entering. However, aggressive speculators seem confident riding the meme coin mania and betting on further upside
