MANEKI Token Dives 77.1% from ATH. What’s Happening?
Quick Look:
- Price Volatility: MANEKI’s recent price plummeted by 77.1% from its all-time high, demonstrating high volatility.
- Trading Volume Insight: $28.9 million in 24-hour trading volume, indicating active market engagement.
- Supply Dynamics: Nearly all MANEKI tokens are in circulation, limiting inflationary pressure and enhancing price stability.
The cryptocurrency market, ever dynamic and intriguing, offers a plethora of investment opportunities and risks. Among these, MANEKI, a relatively lesser-known token, presents an interesting case for analysis due to its significant volatility and trading patterns. As of today, MANEKI is ranked #659 in the global cryptocurrency market, with a current price of $0.006168 per token.
A Week of Sharp Declines: MANEKI’s Price Falls from Recent Highs
MANEKI token’s current price represents a slight decline over the past 24 hours, dropping by 0.06%. However, over the past week, the price has decreased more dramatically by 48.50%. Notably, this stark weekly decline can be juxtaposed against its recent all-time high (ATH) of $0.0276 on April 26, 2024. This represents a precipitous decline of 77.1% from this peak, highlighting the token’s volatility. Moreover, it underscores the potentially speculative nature of its current market.
MANEKI Fluctuates Between $0.00527 and $0.01247 in a Week
Examining the 24-hour trading range, MANEKI has fluctuated between $0.00527 and $0.007268. Over the past week, the token has witnessed even more significant swings from $0.00537 to a high of $0.01247. These figures highlight the high risk and potentially high reward nature of investing in MANEKI, as the token exhibits substantial price movements within short periods. Such volatility can attract day traders and short-term investors seeking quick profits while also posing significant risks to those holding the token for longer periods. This underscores the importance of carefully timing entry and exit points when trading this token.
The Token’s Trading Insights: $54.1M Cap with a 3.5% Volume Increase
The market capitalization of MANEKI stands at approximately $54.1 million. Additionally, it has a nearly equivalent fully diluted valuation. Notably, the trading volume over the last 24 hours was around $28.9 million. This reflects a 3.5% increase from the previous day. Moreover, this active trading volume and the recent drastic price changes suggest a highly reactive market. It is possibly driven by news, speculator actions, or market sentiment shifts.
MANEKI’s Near-Complete Circulation: 8.79B of 8.89B Tokens
The circulating supply of MANEKI is currently 8,790,879,230 out of a total and maximum supply of 8,888,887,546 tokens. The proximity of the circulating supply to the total supply indicates that nearly all issued MANEKI tokens are already in circulation, limiting potential inflationary pressures from new token releases. This high circulation percentage implies that any new issuance will have a negligible effect on the total supply, providing a level of predictability and stability for investors. Furthermore, this dynamic encourages a supply-and-demand-driven price discovery process, where fluctuations in demand directly impact the token’s value. As a result, market movements in response to news, sentiment shifts, or speculative trading can significantly influence MANEKI’s price, given the already saturated circulating supply.
Investor Sentiment on MANEKI: Underperforming by 9.5% Against Peers
Compared to the broader market and its peers, MANEKI has shown a neutral performance relative to the overall market over the past seven days but has underperformed by 9.5% against its peers. This could be reflecting investor sentiment, specifically towards niche or smaller-cap tokens amidst the current market conditions.
The Token’s Future: Potential Gains Amidst Bearish Market Sentiment
General market sentiment will likely influence the near-term future for MANEKI. Currently, this sentiment shows a bearish outlook on larger cryptocurrencies like Bitcoin. In addition, there are fears of increased regulatory scrutiny. Given the token’s recent all-time low and quick rebound, there might be potential for short-term gains. However, this is only if the market sentiment shifts positively or specific positive developments occur around the token or its associated projects.
MANEKI represents a speculative investment with high risk and potential rewards. Its market behaviour suggests sensitivity to broader market sentiments and individual speculations. Investors should remain cautious, considering the volatile nature of MANEKI and the current uncertain regulatory and market environment. For those with an appetite for risk, keeping a close eye on market news and sentiment may provide opportunities to capitalize on the inherent volatility of such tokens.