One of the most popular meme currencies of the week, Vita Inu (VINU), is grabbing headlines.
- Vita Inu meme coin up nearly 200%
- At the time of this writing, the price of the coin has risen by 3.13%.
- Vita Inu is approaching 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 path it is taking in the future.
Meme coins have recently risen to the top of the top 10 market value list, rivaling major cryptocurrencies. Coin memes are inspired by common jokes, puns and sarcasm on social media.
In order to increase the volume of trading and transactions in the cryptosphere, the mainstream crypto sector has developed specialized technology. Meme currencies are community-driven and community-focused tokens that lack the fundamentals.
They promote a carefree style of self-expression that millennials and Gen Z can identify with.
VINU’s popularity is skyrocketing
According to CoinMarketCap, Vita Inu numbers are up 80% in the last 24 hours. At the time of this writing, VINU is trading at $0.00000002134.
Meanwhile, the popularity of Vita Inu has skyrocketed recently despite being removed from the top 10 cryptocurrencies. However, buyers are wary of VINU, despite the recent surge.
Experts, however, say that this particular impulse wave is overextended, indicating that things have moved too fast and that a price correction should now be expected.
Having lost a key support level of the symmetrical triangle, Vita Inu has already changed course and is currently moving towards the 0.618 Fibonacci support zone.
VINU is approaching the overbought zone
Either way, the next support level for Vita Inu (VINU) is $0.0000000199 if the decline continues. A significant area of reaccumulation has been found that experts expect the system to consider if this level of support is lost.
It is important to note that the daily Relative Strength Index of the Vita Inu (VINU) meme coin reached 74.13 today, indicating that it is relatively overbought.
As a result of this muscle pump, analysts are advising investors to be cautious and avoid risk.
Vita Inu is a high TPS tokenized meme coin with dog-based smart contracts.
The guiding principles of the token include having fun, meeting new people, and learning about daily technical advances. However, all this will be available within a living and contagious ecology.
Therefore, customers should continue to research and study the cryptocurrency markets for meme currencies that are still listed on centralized exchanges, such as buying Tamadoge coins at presales.
Crypto total market cap at $947 trillion on the daily chart | Source: TradingView.com Featured image from Business Patrika, chart from TradingView.com