Key Takeaways:
- MEME token price dropped 5% on Nov. 7.
- The NFT sales increased, but is it enough for a price pump?
- The OKX listing did not help.
YEREVAN (CoinChapter.com) — Memecoin (MEME) token dropped 5% to $0.019 on Nov. 7 after a short knee-jerk uptrend to $0.021. The coin largely flatlined throughout the session despite trending on social media. Is the hype (and thus the coin) dead?
Memecoin MEME token price in a ditch
As CoinChapter reported in the previous MEME review, the token lost 80% of its peak price ($0.1) on Nov. 3 and could drop another 15% to $0.015, near a down-sloping support line. Moreover, the coin repeatedly rejected a resistance line that hindered MEME’s upside attempts since the Nov. 3 peak.
Additionally, MEME token traded below its 20-hour (red wave) and 50-hour (orange wave) exponential moving averages (EMA), reinforcing bearish expectations. The MEME trading volumes also dropped 30% on Nov. 7, suggesting waning interest among investors.
NFT Sales pick up – will it help?
According to data from crypto on-chain tracker Santiment, Memecoin’s NFT trade count picked up on Nov 6-7, along with the total NFT trade volume.
Notably, even with the uptick, the sales do not compare to the July levels, as seen in the chart below.
Thus, it does not appear likely that Memecoin will revive its MEME coin price without a soar in the NFT sales department. However, judging by the overall flatline, a sudden boom would certainly come as a surprise.
The OKX listing did not revive MEME
Interestingly, Memecoin’s listing on the platform OKX did not help the price as of Nov. 7. 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 on Nov. 6 at 04:00 GMT.
However, OKX is the third largest MEME market, as Binance takes the first two positions.
