Why Is MEMEAI Trending Today?

MEMEAI, another creation of meme coin lovers solely based on Elon Musk’s tweet, has been trending in the crypto market recently.

As the crypto market has shown signs of recovery, the meme coins, including MEMEAI, are among the first altcoins that took the hint of the surge and gained their peaks back.

So, in this blog, let us discuss the reasons for the increasing popularity of MEMEAI.

MEMEAI Price Analysis

The MEMEAI team stated that this token was an attempt to increase the impact of meme coins in the cryptocurrency. However, it failed to gain the user’s attention in the initial days of its launch.

Interestingly, in March, the meme coin started to surge. It wasn’t just a simple price surge, as the token peaked to its highest and gained an all-time high value of $0.03688 within three days from the moderate value of $0.0008658.

Between that and today, the MEMEAI price had a major fall, where its current value is at $0.005722, down by 85% from its ATH. However, the token has shown signs of a bullish push as the price has surged 16% in just a day.

A similar surge effect is on the market cap of the meme coin, as it’s up by 16%, pushing the value to $4,166,079. More importantly, the trading volume has noted a massive spike of 1125% in the last 24 hours, which places it at the value of $4,057,028.

Reasons Why MEMEAI Is Trending In Crypto Market

Despite its shortcomings and neutral market conditions, MEMEAI has exhibited quite a price performance. The token had previously attempted to lift the value multiple times but failed due to a lack of community and market support.

Also Read: 3 Meme Coins That Can Make You Millionaire

Today’s price surge seems to be because of three main reasons, including the entry of the crypto market in the greed zone, its listing on a cryptocurrency exchange, and increasing demand for meme coins in the crypto market.

Bullish Market Conditions

The fear and greed index of the crypto market indicates the greed zone with a score of 64, which has happened after days. Earlier, the crypto market was in a correction zone before Bitcoin halving, which caused a major price fall for all the crypto assets.

Also Read: Top Performing Cryptocurrencies Today: Buy, Sell Or HODL?

However, the crypto market has recovered a little, the global market capitalization has reached $ 2.4 trillion, and the trading volume is at $77.588 after an 11.2% surge. The same happened with Bitcoin, where its price has recovered to $64.8K after a fall to $59K. This surge in Bitcoin’s price is also pushing altcoin performance.

MEXC Exchange Listing

According to the MEMEAI official X handle post, the MEXC exchange has listed the MEMEAI token. It is the first centralized exchange listing of the token, indicating an increased demand for the token in the crypto industry.

As of now, the token has been listed on three exchanges, including Bitmart, MEXC Global, and Uniswap v3 (Ethereum), locking $3.89 Million in trading volume.

Increasing Demand for Meme Coins

Crypto analysts have predicted the upcoming bull run to be the time of meme coins and AI tokens, where these will dominate to peaks never seen before. Being the mixture of meme coins and AI technologies, MEMEAI sits perfectly in this category of most profiting cryptocurrencies in the future.

#MEMEAI may cross $0.03 in the coming days. All #cryptotraders are keeping an eye on #memeaicoin. Currently, $MEMEAI has the highest chance of going up quickly among #memecoins.@Memeaicoin #CryptoNews #cryptotrading #CryptoCommunity #CryptoMarkets #Memecoin2024 #memecoinseason pic.twitter.com/z4u8E9bwDG

— Rakesh Verma (@imRakeshVerma) April 24, 2024

Though it’s uncertain how the bull run will change the dynamics of these meme coins, the surge of 37% in the total trading volume of meme coins speaks of increasing demand in the current market.

Conclusion

It hasn’t been long for MEMEAI to enter the crypto market, but even in this small span, it has gained a good price in the category of meme coins. This recent surge has become the hope of the investors to see MEMEAI surge to $0.001 before the month ends.

The post Why Is MEMEAI Trending Today? appeared first on CoinGape.

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