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We sometimes witness meme coin storms in the world of cryptocurrency. They grab attention with their impressive surges. However, this is not true for all meme coins. While some quickly fade away, others become trends. Today, we see a meme coin becoming a trend. Let’s look at the details.
Meme Coin HONK’s Rise Brings Tears of Joy
The Solana-based meme coin Honk became a trend in the crypto market on Tuesday, according to CoinMarketCap. This meme coin, inspired by the bold and mischievous goose from the popular video game “Untitled Goose Game,” quickly rose to fame and became a widely recognized internet meme.
After the cryptocurrency was launched on January 13th, it saw a huge interest following its addition to centralized exchanges such as Poloniex and LBank, reaching a new peak price of $0.3. An analysis of its performance on a 4-hour chart shows that the value of the cryptocurrency plummeted by 93.9%, falling to $0.001997, indicating a significant drop from this peak.
Despite this sharp decline, the cryptocurrency began to form a pattern known as a falling channel, signaling a potential return and encouraging a resurgence in buying activity. Currently trading at $0.012, investors are expecting a rise from the upper edge of the channel.
Growth Potential: HONK Prepares for a Rise Again
A successful break above the channel’s trend line on a 4-hour candle could signal a possible 150% increase in the value of the cryptocurrency, potentially raising its price to $0.3. Fueling optimistic sentiments, the meme coin HONK is set to be listed on another centralized exchange, MEXCKickstarter, with trading for the HONK/USDT pair scheduled to start on February 7, 2024, at 07:00 Turkey time.
While journeying through the impressive world of meme coins, investors should be aware that volatility in such cryptocurrencies is extremely high. At this stage, it’s worth reminding that expectations of impressive increases can also turn into significant losses. The unpredictable nature of cryptocurrencies remains a reality that should not be forgotten.
The potential for a 150% increase in price may be attractive to investors, but it should not be overlooked that the cryptocurrency has a token supply of 100 billion units.
