YEREVAN (CoinChapter.com) — On Jan 29, the MEMEAI price reached $0.014 after a 1% intraday slide, bringing its weekly losses to over 30%. Meanwhile, as seen in the chart above, the flat price was accompanied by an over 1,200% daily increase in trading volumes.
MEMEAI Market Manipulation?
The crypto community is not new to market manipulation. Are the MEMEAI coin investors up for a ride? Let’s take a closer look at the coin and decide.
A closer look at the detailed hourly chart revealed that the coin experienced an influx of funds late on Jan 28, which could have halted the price drop and resulted in the trading volume increase. However, given the isolated incident, the price manipulation suspicions remain.
Meanwhile, the altcoin‘s market cap slid from over $3 million on Jan 24 to $1 million on Jan 29. Additionally, most MEMEAI coin trading, over 95%, takes place on BitMart against USDT.
Where The Project Came From
As mentioned, the crypto community has no shortage of nonsense memecoins. Now, the MEMEAI coin is one of them. The project claims its mission is to offer an AI-based meme generator and an NFT marketplace, “empowering” users to make the most of memes while also having a laugh.
MEMEAI Coin is more than just a meme generator; it’s a unique intersection of technology and comedy, where algorithms learn and play with human quirks. Dive into a world where AI doesn’t just learn from humans; it laughs with us!
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Also, the team behind the MEMEAI coin claims that Elon Musk‘s high praise of memecoins was the driving force for creating the token. However, it’s up to traders to decide if a tweet-based memecoin is enough base for investment.
