MICHI monthly gains surpass 66% as whale activity intensifies

Whales turned their attention to MICHI when the meme coin’s monthly gain exceeded 66%.

Michi (MICHI) rose to an intraday high of $0.38 on October 30, after breaking out of the narrow trading range of $0.24 to $0.28 over the last 6 days, reaching a market capitalization of $203.8 billion. The daily trading volume of the altcoin was hovering over $23.7 million at the time of writing.

The rally of the Solana-based token came as several large transactions were recorded on Solscan. A newly funded whale address began dollar cost averaging with a $1.4 million investment in Michi. Meanwhile, at least two whales were seen taking a similar approach, with investments of $405,000 and $302,773 respectively.

Whale investments are often seen as a bullish signal for the respective cryptocurrency because these large buyers make strategic investments after carefully evaluating the viability of a project. As the meme coin market heats up, it is common to see whale investors flocking to undervalued cryptos like MICHI due to the growth potential of these smaller tokens.

Last month, a Dubai-based venture capital firm also announced plans to invest over $30 million in meme money.

Meanwhile, the number of MICHI owners has also increased in recent months. Data from Solcan reveals that more than 36,561 investors currently hold meme money in their portfolios.

The number of holders may increase even more if the token is listed on the tier 1 exchange Binance. The exchange previously listed two other tokens launched by Pump.fun, Moo Deng (MOODENG) and Goatseus Maximus (GOAT), and the prices of both increased rapidly in the days following their listing.

MICHI is also closing in on KuCoin listing, placing second in the exchange’s GemVote event, where community support can hold its own.

Currently, the cat-themed meme coin is listed on several tier 2 exchanges, including MEXC, LBank, and BingX. The latest listing comes from RabbitX, a decentralized derivatives exchange.

Recent developments have helped MICHI rise over 67% in the last 30 days and is now the 4th largest Pump.fun token in terms of market cap.

MICHI rally may continue

Memecoin is positioned near the upper Bollinger Band on the 1-day MICHI/USDT chart, meaning the uptrend remains strong. Moving Average Convergence Divergence confirms this as the MACD line (blue) is on the verge of crossing over the signal line (orange) and shows an upward trend.

MICHI price, Bollinger Bands and MACD chart — October 30 | Source: crypto.news

MICHI’s price was also above the 50-day Moving Average, meaning the bulls are still in control, while the Relative Strength Index is at 62, indicating there is still room for more gains before reaching overbought levels.

MICHI 50-day MA and RSI chart — October 30 | Source: crypto.news

Meanwhile, a community member pointed out that a “cup and handle” formation, which is a bullish indicator, was formed on MICHI’s 1-day chart. To confirm the formation, MICHI must break the resistance level at $0.37, which marks the top of the formation.

If confirmed, this pattern could pave the way for a strong price rally towards the all-time high of $0.58, which the meme coin reached in May.