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GensoKishi Metaverse (MV) has gained 27% over the past week and its token is now trading at $0.25.
A recent tweet from the exchange platform @Bybit_Official seems to have been the source of this upward movement, announcing that the stablecoin of the GensoKishi game, namely ROND, had been listed on the site as ROND/USDT.
This absolutely bullish information is also reflected by observing the trading volume of MV/USDT on the Bybit centralized exchange. Trading volume has actually increased almost 54.24%, which means that Bybit concentrates the most liquidity and dominates the market for the MV token compared to other CEXs.
GensoKishi Metaverse: Token Price Prediction
On the technical analysis side, the MV token has been showing bullish price signals for several weeks now.
However, looking at a slightly larger scale, we see that the price of GensoKishi Metaverse token is still down about 84% from its all-time high in April 2021. During this period, the price of MV token hovered around $1.60.
The GensoKishi Metaverse token still has a long way to go before it achieves full recovery.
Sometimes listings on exchange platforms have an effect similar to the famous saying “buy the rumor, sell the news” or buy the rumor, sell the news in French. This means that a temporary increase in prices before the start of a new downtrend can potentially be expected.
The chart above shows the recent bullish craze for the GensoKishi Metaverse token. Currently, the price action of the token is showing a bearish reversal pattern known as a double top.
If the formation is completed and the $0.245 support level is broken, then it is possible to see a continuation of the downtrend to the $0.231 support level.
On the other hand, we could see this particular move invalidated if the buyers can gain enough momentum and potentially retest the $0.27 price level.
According to data from Coinmarketcap, GensoKishi Metaverse (MV) has a market capitalization of $429 million and is currently ranked 212th out of all cryptocurrencies.
There aren’t many historical statistics for the MV token, but with enough bullish momentum, it’s quite possible that a $700 million market cap could be regained by the end of the year.
GensoKishi Metaverse Token Analysis Video (MV)
At the moment, predictions about the price development of the GensoKishi Metaverse token seem purely speculative. Although I believe that the metaverse will have an important role in the future of blockchain, it is difficult to assess the longevity of GensoKishi and whether the project will survive the winter period that is affecting the crypto market at the moment.
Tamadoge: a superior metaverse token?
A few days ago, a new deflationary memecoin known as Tamadoge continued its rise until it reached a price of $0.038 after raising $19 million during a pre-sale that lasted only 6 weeks. .
A few hours after the pump, the price of the Tamadoge token (TAMA) fell back to $0.016. TAMA is now consolidating around the $0.022 mark and could be preparing for a further move towards $0.03.
Tamadoge is a memecoin that integrates NFTs and augmented reality along with the metaverse theme to create a unique Play to Earn experience.
A majority of investors present at the pre-sale are still enjoying a unit price of less than $0.02 per share. TAMA token, which means they are likely to make a minimum profit of 10%. And for investors who joined the project in the pre-sale beta phase, this profit is even greater.
The next step for the Tamadoge project is a new listing on a centralized exchange platform, namely the LBank platform. This listing could be the source of a new bullish frenzy that would push the price of the Tamadoge token above $0.03.
Importantly, users are eligible to claim the equivalent of $10 in free TAMA tokens simply by logging into the OKX platform and then trading with TAMA, with no minimum required.
I speculate that Tamadoge has more potential than GensoKishi Metaverse since the market cap is only $22.5 million, which suggests that the ROI could be much greater.
Additionally, a market cap of $22.5 million places Tamadoge in 8th place among memecoins in terms of valuation.
Be sure to secure your TAMA tokens before listing on LBank if you potentially want to hold onto them until other price targets are met.