Reddit Coin Blasts Up 50,000% on DEXTools and Crypto Whales are Stacking Wall Street Memes as the Next Crypto to Explode – 100x Potential?
The Reddit Coin price has jumped by 220% in the past 24 hours, with its surge to $0.01888 representing a 50,000% gain since the meme token listed on Uniswap.
Following in a long line of meme coins launched this year, REDDIT is also up by just over 1,700% in the last seven days, as investors race to find profitable new coins in the ongoing bear market.
However, Reddit Coin's own website acknowledges (in the small print) that "We don’t have any connection or affiliation with the following website or company: https://www.reddit.com," meaning that its current rally may not be sustainable.
This is particularly the case when other, more promising meme tokens are also being launched to take its place, with the increasingly successful Wall Street Memes (WSM) presale suggesting that it may soon be superseded.
There's no doubt that REDDIT is currently in the ascendancy, with its price overtaking its shorter-term moving average (yellow).
REDDIT's relative strength index (purple) has also shot up to 80, indicating some very strong buying momentum, as more investors flood into its market.
It's worth pointing out that REDDIT is actually 17% down from its all-time high of $0.02308, which was set today.
It will therefore be interesting to see if it can decisively smash through this resistance level, with a clear break signalling that further sustained gains may be incoming.
As a pure meme token, there's no fundamental reason to believe that REDDIT will continue to rally.
The only thing that can be said in its favor is that 2023 has brought plenty of similar meme tokens (including PEPE and 4CHAN), with many of them enjoying big gains in a market where investors are starved for more profitable alternatives.
REDDIT may potentially have the advantage
Read more on cryptonews.com
