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One of the top-performing meme currencies of the week, Vita Inu (VINU), is hogging the headlines.
- Vita Inu meme coin is up by almost 200%
- Coin’s price spikes by 3.13% as of this writing
- Vita Inu nearing the overbought zone
Since the beginning of August, the value of the Vita Inu meme has skyrocketed by almost 200%, and this seems to be the track it’s treading in the future.
Meme coins have recently risen to the summit of the list of top 10 market values, competing with mainstream cryptocurrencies. Meme coins are influenced by common jokes, puns, and sarcasm on social media.
To increase trade and transactions in the crypto realm, mainstream crypto has developed a specialized technology. Meme currencies are tokens that are community-driven and community-oriented and lack fundamentals.
They promote a lighthearted style of expression that Millennials and members of Generation Z may identify with.
Chart: CoinMarketCap
VINU Skyrockets In Popularity
According to CoinMarketCap, Vita Inu has spiked by 80% in the last 24 hours. VINU is currently trading at $0.00000002134 as of this writing.
Meanwhile, the popularity of Vita Inu has skyrocketed recently despite the fact that it was scraped from the top 10 cryptos. However, purchasers are wary about VINU despite the recent sharp increase.
Experts, however, say that this particular impulse wave is over-stretched, indicating that things moved along a little too quickly and that a price correction is now to be anticipated.
After losing a key support level of a symmetrical triangle, Vita Inu has already reversed course and is currently moving toward the 0.618 Fibonacci support zone.
VINU Nearing Overbought Zone
In any case, Vita Inu’s (VINU) next support level is at $0.0000000199 if the decline persists. A significant re-accumulation region has been found that experts anticipate the system should consider entering if this level of support is lost.
It is important to note that the Vita Inu (VINU) meme coin’s daily relative strength index today reached 74.13, indicating that it is relatively overbought.
As a result of such a muscular pump, analysts advise investors to be cautious and risk-averse.
Vita Inu is a tokenized meme coin with a high TPS and smart contracts that are based around dogs.
The token’s guiding principles include having fun, meeting new people, and learning about day-to-day technical advancements. However, all of these will be available inside a vibrant and contagious ecology.
Customers should therefore keep investigating and examining the cryptocurrency markets for meme currencies that are still listed on centralized exchanges, such as buying Tamadoge coins in presales.
Crypto total market cap at $947 trillion on the daily chart | Source: TradingView.com Featured image from Business Patrika, chart from TradingView.com
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Image and article originally from www.newsbtc.com. Read the original article here.