Binance to List First Sui-Based Meme Coin HIPPO, Price Skyrockets By 90%
The world’s largest exchange, Binance, has announced that it will list the Sui-based meme coin sudeng (HIPPO) in its futures market today. A few minutes after this disclosure, HIPPO’s price jumped by 90% and currently trades at $0.022.
The HIPPO Binance listing is the latest in a series of meme coins recently added by the exchange. But what’s next for the token, as this is the first Sui meme coin that the exchange will list?
Binance Announces sudeng Listing, Market Cap Hits $225 MillionAccording to Binance, HIPPO will launch today, November 13, at 12.30 UTC. It also mentioned that trading will open around the same time, and traders can use up to 75x leverage. Before the announcement, HIPPO’s price was $0.012.
However, as soon as the news became public, the trading volume jumped to $100 million, and the price of the Sui meme coin rallied as well.
sudeng 4-Hour Price Chart. Source: TradingView
For those unfamiliar, sudeng was launched on Sui and inspired by a well-known pygmy hippo named Moo Deng, who became an internet sensation and meme. Following Moo Deng’s (MOODENG) quick price surge, the HIPPO token also gained traction for its playful meme appeal and commitment to donating a portion of its profits to wildlife conservation efforts.
Interestingly, the impact of the HIPPO Binance listing is similar to MOODENG’s listing at that time, which sparked an 85% price rally. Further, the announcement also significantly affected HIPPO’s market capitalization, with CoinGecko reporting an increase from $115 million to $225 million.
sudeng Market Cap. Source: CoinGecko
HIPPO Price Prediction: Overbought
From a technical point of view, HIPPO’s price increase has erased all of the losses it encountered some weeks back. Besides that, the meme coin is now trading at a new all-time high of $0.022.
On the daily chart, the Relative Strength Index (RSI) has risen above 70.00. The RSI is a technical oscillator that measures momentum and shows whether an asset is overbought or oversold.
When the reading is below 30.00, it is oversold. On the other hand, if it is above 70.00, like it is with HIPPO, the token is overbought. Therefore, if buying pressure drops, the meme coin’s price might also decline, possibly toward $0.014.
sudeng Daily Analysis. Source: TradingView
However, if the hype around the sudeng token increases, this might not happen. In that scenario. HIPPO price might climb as high as $0.030.
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