Memecoin Dejitaru Tsuka Price is Up 150% in Just Four Days — Possible Meme-pulation?

Key Takeaways:

• Dejitaru Tsuka token pumped 20%.
• The coin’s six-day gains total over 150%, but a reversal could be likely.
• The ecosystem ads more trading pairs and tokens but lacks a whitepaper to explain the tokenomics and the roadmap.

YEREVAN (CoinChapter.com) – Dejitaru Tsuka token, the meme coin based on the Japanese legend of a same-named dragon, price jumped 20% in 24 hours, reaching $0.029 in the European session on Aug 31. The latest move came as a part of a bullish streak, bringing the coin’s total gains to 158% after bottoming out at $0.011 on Aug. 26.

Moreover, the TSUKA “dragon” coin broke a significant resistance line on Aug. 30, which primes the token for more gains in the upcoming sessions.

TSUKA Prints Falling Wedge

The TSUKA price action charted within a pattern dubbed the “falling wedge” since mid-April. The setup entails two falling trendlines that connect the swing highs and lows, incrementally lowering the asset value.

However, the falling wedge is a bullish reversal pattern that promises a breakout once the underlying asset can breach the resistance line. TSUKA coin confirmed the setup by breaking above the resistance line.

Thus, the expected rally could equal the maximal formation height, pinning the target price for the TSUKA token at $0.068, or another 140% higher than the current value.

However, the coin’s trading volumes did not pump parallel to the price and fell nearly 2.5%, which could indicate market manipulation by a few key players.

Generally, meme coins feature higher volatility than the average crypto asset, making forecasts additionally problematic. However, if the latest price pump resulted from market manipulation, it could fizzle faster than the “falling wedge” would predict.

Meme-pulation?

The memecoin has approximately 30,000 followers on X.com (formerly known as Twitter) and just over 13,000 holders, as per etherscan.io. Moreover, the largest holder is in possession of just over 5.5% of the overall supply, and the top 10 holders are in charge of 27%.

The Dejitaru Ecosystem features an additional token, HOSHI, added six days ago. According to the latest tweet by the team, the TSUKA Deployer has converted 7.65 ETH to WBTC, which means “another 3 ETH buyback for HOSHI, and all has been added as Liquidity for the HOSHI/WBTC pair.”

While the team apparently creates new trading pairs featuring TSUKA and HOSHI, the project’s website lacks information on how the two are connected and also misses a whitepaper with detailed tokenomics and roadmap.

Some community members also suggested that WBTC/HOSHI “will moon” on the back of the upcoming ETF news, which is still far from reality.

Overall, the coin’s technicals appeared convincing due to the bullish pattern.

However, technicals alone cannot suggest a bias, especially in meme coin analysis. Meanwhile, the declining trading volumes and the lack of clarity on tokenomics could suggest the latest price increase stems from a possible manipulation — or meme-pulation — and could fizzle out shortly.