Meme Ai Coin (MEMEAI) is Pumping 40%, What’s Going On?

Despite a recent crash affecting the crypto market, MEME AI Coin (MEMEAI) has stood out by unexpectedly showing a strong increase in market performance. Despite Bitcoin challenges in recovering from recent volatility, MEMEAI has surprisingly experienced a substantial 40.38% price increase in the past day. Operating on the Ethereum platform, MEME AI offers more than traditional virtual currency, incorporating technology and humor through an AI meme generator and non-fungible tokens (NFT) marketplace. Amidst market uncertainty and volatility, the unexpected increase in MEMEAI’s price prompts the query: What is propelling this exceptional growth?

Market Performance of MEME AI Coin Price

MEME AI Coin (MEMEAI) has undergone significant shifts in its market performance across various metrics. Currently priced at $0.007759, its value has experienced a notable surge of 40.38% within the last day, although over seven days, it has seen a more modest decrease of 5.13%. Looking back over a year, MEMEAI has made remarkable strides, with its price soaring by a staggering 275.75%.

In terms of market capitalization, MEMEAI currently stands at $5.6 million, securing its position at 1295th in the market cap rankings, according to CoinMarketCap. The market cap has also surged by 40.38% in the past 24 hours, mirroring the uptrend in price. Trading volume within the same timeframe has reached $3.2 million, with a significant increase of 50.04%. The ratio of volume to market cap over the past day stands at 57.16%.

Currently, 72.80% of the total supply of MEMEAI tokens of 900 million are in circulation, equating to 728 million MEMEAI. The fully diluted market cap is estimated to be $7.76 million

MEMEAI has exhibited fluctuations, with its 24-hour low recorded at $0.005479 and the high at $0.009823. Despite reaching an all-time high of $0.03688 on Mar 09, 2024, it has since declined by 79.34%.

Why is the Price of MEMEAI Coin Soaring?

Several key factors are responsible for the recent increase in MEMEAI’s price.

1. Bitcoin Ripple Effect

The rally observed in different AI crypto coins, such as MEMEAI, is likely a result of the strength shown in the price of Bitcoin (BTC). When Bitcoin sneezes, the entire crypto market catches a cold. After a perilous price journey over the week that saw the crypto market crash, BTC price has risen, now trading slightly below $68,000. The strong showing of Bitcoin frequently acts as a trigger for the wider cryptocurrency market, boosting investors’ trust and resulting in a rise in purchasing activity across all assets.

2. Surge in Community Support

Additionally, the growth of MEMEAI’s community is another significant contributing factor to its rising price. The project’s community has expanded notably, boasting over 5,000 followers on X (the platform where the community is actively engaged). This surge in community support indicates growing interest and engagement in the MEMEAI project, which can translate into increased demand for its tokens. As more individuals become aware of and involved with the project, there’s typically a corresponding increase in buying pressure, thereby driving the price higher.

3. Introduction of the MemeAI NFT Collection

The introduction of the MemeAI NFT Collection by MEME AI may have increased the worth of MEMEAI coin for multiple reasons. The rise in the popularity of Non-Fungible Tokens (NFTs) within cryptocurrency sphere has brought attention to the collection, which includes more than 5000 unique pieces varying in rarity.

https://twitter.com/Memeaicoin/status/1776313115447074949

By engaging the MEMEAI community, also referred to as the “MEMEAI Army,” during the launch, the project has encouraged camaraderie and backing from its supporters, resulting in higher purchasing participation.

SNEAK PEEK FROM THE NFT COLLECTION #MEMEAI

WON’T TAKE LONG BEFORE WE ARE LAUNCHING THE NFTS TO THE COMMUNITY!

JUST HOLD ON TIGHT – WE GOT MAJOR THINGS COMING FOR #MEMEAICOIN

REMEMBER IF WE ALL HOLD – EVERYBODY WINS #MEMEAIARMY pic.twitter.com/K7E4elHsBD

— Meme AI (@Memeaicoin) April 5, 2024

The announcement also hints at future developments for MEMEAI coin, hinting at potential growth opportunities. Overall, the revelation of the MemeAI NFT Collection has generated excitement and interest, potentially contributing to the price hike of MEMEAI coin.

The attraction of having unique digital artwork or collectibles has increased the demand for MEMEAI coin. Furthermore, categorizing NFTs into different levels of rarity ranging from Common to Legendary has contributed to their increased value by creating scarcity and exclusivity. By engaging the MEMEAI community, also referred to as the “MEMEAI Army,” during the launch, the project has encouraged camaraderie and backing from its supporters, resulting in higher purchasing participation.

Conclusion

The recent pump in MEME AI Coin’s price can be attributed to a combination of factors, including the ripple effect of Bitcoin’s rally, the surge in community support, and the introduction of the MemeAI NFT Collection. The convergence of these elements has created an environment of excitement and anticipation, driving demand for MEMEAI coin and pushing its price upwards. As the cryptocurrency market evolves and new developments unfold, MEMEAI remains a coin to watch, showcasing the potential for growth and innovation in the intersection of technology and humor.

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