With significant investments coming from large traders and smart money investors, several market commentators believe that Binance the world’s largest crypto exchange might soon consider listing MICHI on its platform further adding fuel to its ongoing rally. See below.
Last week, a similar trend was observed among multiple whale addresses which were dollar-cost averaging into the meme coin.
Bitcoin’s price began to pull back as the odds in favor of Republican presidential nominee Donald Trump winning the U.S. elections fell to 56.7% down from 66.9% on Oct. 30 per data on betting platform Polymarket.
On the same day, a community member observed that smart money investors holding at least 10k tokens picked up more than 4.43 million MICHI tokens over the past 24 hours. The investment is valued at over .48 million based on current prices.
On the 1-day MICHI/USDT chart, a Relative Strength Index of 60 and an Average Directional Index of 33 indicate strong bullish sentiment that could lead to further gains for the meme coin in the short term.
MICHI distanced itself from the top 298 altcoins which followed Bitcoin’s (BTC) drop to an intra-day low of ,569, down from its weekly high of ,295.
Analyst MURAD took to X to highlight another positive for the meme coin, sharing a chart that showed MICHI as the top decentralized meme coin with the best distribution among its holders. An even distribution of the meme coin’s tokens among holders means no single entity has significant power to influence the market, reducing fears of volatility if a large holder decides to sell.
MICHI led the gains among the top 300 cryptocurrencies on Nov. 4, deviating from the broader market downtrend.
The Solana-based meme coin jumped over 15% on the last day, bringing its weekly gains to 32.8%. Its market cap hit over 4 million, with a daily trading volume of around .8 million at the time of writing.
