NOIDA (CoinChapter.com) — SOHOT RN, the crypto token born from an Elon Musk tweet, has made impressive gains in March, rising more than 1,233% MTD to a daily high near $0.229 on March 14.
SOHOT prices went nearly vertical since March 7 before a slight correction brought them closer to reality. However, the token’s massive shilling campaign helped SOHOT RN to chart a new all-time high on March 14.
Shilling Tokens Is SOHOT RN
In the current bull market, crypto influencers have taken to shilling every other small-cap altcoin, colloquially known as sh*tcoins, because they lack any tangible use case.
The So Hot RN “Sh*tcoin” is nothing different from its peers, with the token relying on nothing more than social media hype to fuel its gains.
However, the SOHOT RN shilling campaign is going well, given that the token is among the top ten trending tokens of the day. Interestingly, none of the major cryptos, like Bitcoin, Ethereum, Polygon, etc., are on the list.
Shilling campaigns help generate hype for a token, benefitting traders who sell when the token’s price is sufficiently high.
The crypto project SOHOTRN draws inspiration from an Elon Musk tweet, just like so many other illegitimate crypto children of the tech mogul. It aims to present a “unique” ecosystem that merges the realms of cryptocurrency with the impact of social media.
Musk’s post had a naked woman sitting in a sexually suggestive position on top of a man. However, the man watches Argentinian president Javier Milei speak during the World Economic Forum in Davos. The Tesla Chief wrote, “So hot rn” in the post, a play on the image and his reaction to Milei’s speech. Shortly thereafter, the So Hot RN “Sh*tcoin” was born.
Price Action: Enter The Bear(s)
The bears are here and are actively booking profits. SOHOT price spiked nearly 167% on March 14 in its quest to reach the daily high near $0.0024 before the profit booking pared most of the gains.
If the rally continues, traders may expect the SOHOT price to face resistance near $0.0014. However, pushing above the immediate resistance could help Elon Musk’s tweet’s child rally to the 0.786 FIB resistance near $0.0017 before bears start booking profits again.
Conversely, a reversal, which is more likely, could force SOHOT price to drop to the support near $0.00094. Moreover, breaching the immediate support could force the SOHOT RN token price to test the support near $0.00066 before recovering.
The RSI for SOHOT remained neutral, with a score of 66.02 on the daily charts.
