Whales Shift Focus to MICHI as Meme Coin Soars Over 66% in Monthly Gains

On Oct. 30, Michi (MICHI) surged to an intraday high of $0.38 after breaking out from a tight trading range of $0.24 to $0.28 over the past six days, elevating its market cap to $203.8 billion. The altcoin’s daily trading volume hovered around $23.7 million at the time of writing.

The Solana-based token’s rally was fueled by several large transactions recorded on Solscan. One newly funded whale address began dollar-cost averaging with a $1.4 million investment into Michi. Meanwhile, at least two other whales adopted a similar strategy with investments of $405,000 and $302,773 respectively.

Whale investments are often seen as a bullish signal for cryptocurrencies, as these large buyers typically make strategic investments after thorough project assessments. With the meme coin market gaining traction, it’s common to see whale investors turning to low-cap cryptos like MICHI for their potential growth.

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

The number of MICHI holders has also surged over recent months. Data from Solscan reveals that over 36,561 investors now hold the meme coin in their portfolios.

The number of holders could increase even further if the token is listed on the tier-1 exchange Binance. The exchange has previously listed other Pump.fun launched tokens, such as Moo Deng and Goatseus Maximus, both of which experienced significant price increases following their listings.

MICHI is also nearing a KuCoin listing, ranking second in the exchange’s GemVote event, where community support could secure its spot.

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

These recent developments have propelled MICHI up over 67% in the last 30 days, making it the fourth largest Pump.fun token by market cap.

Potential for Continued Rally

On the 1-day MICHI/USDT chart, the meme coin is positioned close to the upper Bollinger Band, indicating a strong uptrend. The Moving Average Convergence Divergence (MACD) also supports this, with the MACD line (blue) on the verge of crossing over the signal line (orange), signaling a bullish crossover.

“MICHI’s price is also above the 50-day Moving Average, showing that bulls are still in control, while its Relative Strength Index (RSI) is at 62, indicating there is still room for further gains before reaching overbought levels.”

A community member pointed out that a “cup and handle” pattern, a bullish indicator, has formed on MICHI’s 1-day chart. To confirm the pattern, MICHI needs to break past the $0.37 resistance level, marking the top of the formation.

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

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