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Whales have turned their attention to MICHI as the meme coin’s monthly gains exceeded 66%.
On Oct. 30 Michi (MICHI) rose to an intraday high of $0.38 after breaking out from a tight trading range of $0.24 to $0.28 for the past 6 days, bringing its market cap to a $203.8 billion valuation. The altcoin’s daily trading volume was hovering over $23.7 million when writing.
The Solana-based token’s rally came as several large transactions were recorded on Solscan. One newly funded whale address began dollar-cost averaging with a $1.4 million investment into Michi. Meanwhile, at least two other whales were seen taking a similar approach with investments of $405,000 and $302,773 respectively.
Whale investments are typically seen as a bullish signal for the related cryptocurrency, as these large buyers make strategic investments after carefully assessing a project’s viability. With the meme coin market heating up, it is quite common to see whale investors flocking to low-cap cryptos like MICHI, due to the growth potential of these smaller tokens.
Last month a Dubai-based venture capital firm also revealed plans to invest over $30 million in the meme coin.
Meanwhile, the number of MICHI holders has also surged in the past months. Data from Solcan reveal that over 36,561 investors now hold the meme coin in their portfolio.
The number of holders could increase even further if the token is listed on the tier-1 exchange Binance. The exchange has previously listed two other Pump.fun launched tokens, Moo Deng (MOODENG) and Goatseus Maximus (GOAT), both of which saw their prices skyrocket in the days following their listing.
MICHI is also edging closer to a KuCoin listing, ranking second in the exchange’s GemVote event, where community support could secure its spot.
Currently, the cat-themed meme coin is listed on several tier 2 exchanges, including MEXC, LBank, and BingX. The latest listing came from RabbitX, a decentralized derivatives exchange.
The recent developments have helped push MICHI up over 67% in the last 30 days and it is currently the 4th largest Pump.fun token in terms of market cap.
MICHI rally could continue
On the 1-day MICHI/USDT chart, the meme coin was positioned close to the upper Bollinger Band meaning the up trend remains strong. The Moving Average Convergence Divergence also confirms this with the MACD line (blue) on the verge of crossing over the signal line (orange) indicating a bullish crossover.
MICHI’s price was also above the 50-day Moving Average, which means bulls are still in control, while its Relative Strength Index was at 62 indicating that there is still room for further gains before it hits overbough levels.
In the meantime, a community member pointed out that a “cup and handle” pattern, which is a bullish indicator, had formed on MICHI’s 1-day chart. To confirm the pattern, MICHI needs to break past the $0.37 resistance level, which marks the top of the formation.
If confirmed, this pattern could pave the way for a strong price rally towards the meme coin’s all-time high of $0.58 reached in May.