Key Takeaways:

  • MEME token price dropped 5% on Nov. 7.

  • The NFT sales increased, but is it enough for a price pump?

  • The OKX listing did not help.

Memecoin (MEME) in Rut After 5% Drop — Can NFTs Save the Bull Party? Read CoinChapter.com on Google News

YEREVAN (CoinChapter.com) — Memecoin (MEME) token dropped 5% to $0.019 on Nov. 7 after a short knee-jerk uptrend to $0.021. The coin largely flatlined throughout the session despite trending on social media. Is the hype (and thus the coin) dead?

Memecoin (MEME) price on Nov. 7. Source: CoinStats Memecoin MEME token price in a ditch

As CoinChapter reported in the previous MEME review, the token lost 80% of its peak price ($0.1) on Nov. 3 and could drop another 15% to $0.015, near a down-sloping support line. Moreover, the coin repeatedly rejected a resistance line that hindered MEME’s upside attempts since the Nov. 3 peak.

Memecoin (MEME) price daily chart on Nov. 7. Source: TradingView.com

Additionally, MEME token traded below its 20-hour (red wave) and 50-hour (orange wave) exponential moving averages (EMA), reinforcing bearish expectations. The MEME trading volumes also dropped 30% on Nov. 7, suggesting waning interest among investors.

MEME trading volume decline. Source: CoinMarketCap.com NFT Sales pick up – will it help?

According to data from crypto on-chain tracker Santiment, Memecoin’s NFT trade count picked up on Nov 6-7, along with the total NFT trade volume.

Memecoin (MEME) NFT sales. Source: Santiment.net

Notably, even with the uptick, the sales do not compare to the July levels, as seen in the chart below.

Memecoin NFT sales. Source : Santiment.net

Thus, it does not appear likely that Memecoin will revive its MEME coin price without a soar in the NFT sales department. However, judging by the overall flatline, a sudden boom would certainly come as a surprise.

The OKX listing did not revive MEME

Interestingly, Memecoin’s listing on the platform OKX did not help the price as of Nov. 7. In detail, the Seychelles-based exchange announced the launch of MEME/USDT “perpetual swap trading up to 50x” on Nov. 6. It means that users can long and short MEME/USDT pair with up to 50x leverage. The exchange enabled margin trading and savings for MEME on Nov. 6 at 04:00 GMT.

However, OKX is the third largest MEME market, as Binance takes the first two positions.

Memecoin markets. Source: CoinMarketCap.com

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