Key Takeaways:
- Memecoin (MEME) dropped 13% on Nov. 6.
- The coin could lose another 11% before Nov. 7, judging by on-chain metrics.
- OKX exchange listed MEME, but the price didn’t budge.
YEREVAN (CoinChapter.com) — Memecoin (MEME), the newly launched NFT ecosystem on the Binance Launchpool platform, dropped 13% on Nov. 6, reaching $0.019 in the New York hours.
Memecoin (MEME) to drop another 11%
The chart below shows that the token lost 80% of its peak price ($0.1) on Nov. 3 and could drop another 11% to $0.017 to a down-sloping support line.
Notably, the on-chain metrics support the bearish short-term prediction. According to crypto data provider Santiment, the NFT trade count on the platform dropped in the previous days, along with the total NFT trade volume.
Moreover, the MEME-heat has cooled on social media as well. Santiment data shows that the social volume for “MEME” has declined by 99% since Nov. 4. Most discussions came from Telegram channels and groups, while Reddit had the least traffic.
OKX listing didn’t help
Interestingly, Memecoin’s listing on the platform OKX did not help the price as of GMT 14:00. In detail, the Seychelles-based exchange announced the launch of MEME/USDT “perpetual swap trading up to 50x” on Nov. 6.
It means that users can long and short MEME/USDT pair with up to 50x leverage. The exchange enabled margin trading and savings for MEME earlier today at 04:00 GMT.
As CoinChapter reported earlier, OKX is not the only exchange to list Memecoin. Bitget announced the initial listing of the MEME token in the Innovation Zone and Meme Zone.
The exchange shared that the listing would go live on Nov. 3, with spot trading going live 24 hours after the listing. Bitget’s Innovation Zone lists newly launched tokens for a 60-day valuation period. However, if the token fails to meet certain criteria, such as market depth, within that period, the exchange delists the crypto token. Bitget will list the MEME/USDT trading pair only for now.
