Today, Binance added the first memcoin created on the Sui platform to the list of futures traded on the platform. Immediately after the announcement, the price of HIPPO skyrocketed by 90%.
Today, Binance, the world’s largest crypto exchange, added sudeng memcoin (HIPPO) to its futures listing. The appearance of HIPPO on Binance is the latest addition to the list of memcoins that have recently been admitted to the exchange. Let’s figure out what will happen to the token next.
Binance Announces Listing of Sudeng
Binance announced that the launch of HIPPO is scheduled for today, November 13, at 15:30 Moscow time. Bidding will begin at the same time. To advertisements the HIPPO price was $0.012. Immediately after the news appeared, the trading volume of the coin reached $100 million, and the price of Sui also jumped significantly.
The sudeng memecoin, launched on the Sui blockchain, was inspired by the famous pygmy hippopotamus named Mu Deng, who became an internet sensation and meme. Following the rapid rise in the price of Moo Deng (MOODENG), the HIPPO token has also gained popularity. It owes much of this not only to its playful appeal, but also to the donation of a portion of its profits to wildlife conservation.
At one time, the listing of MOODENG also caused an 85% rally in the token. Today history repeated itself. Additionally, the announcement had a significant impact on HIPPO’s market capitalization, with CoinGecko reporting an increase from $115 million to $225 million.
HIPPO forecast: token overbought
From a technical point of view, the increase in HIPPO price has negated all the losses that the asset suffered several weeks ago. Additionally, the meme coin is currently trading at a new all-time high of $0.022.
On the daily chart, the relative strength index (RSI) rose above 70.00. Values above 70.00, as in the case of HIPPO, indicate that the token is overbought. Therefore, if buying pressure subsides, the price of the coin may also fall – perhaps to $0.014.
However, if the hype around the sudeng token intensifies, the fall may not happen. In this scenario, HIPPO has every chance of rising to $0.030.
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Source: Cryptocurrency
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