Over the past 24 hours (as of around 8:45 a.m. Beijing time on October 8), $MET was trading at about $0.445, up roughly 36.5%. It hit a 24-hour low of $0.302 and a high of $0.474. Its Binance spot trading volume was about $24.7 million, making it the biggest gainer among major coins that day. It also topped trending searches across the web.
Meteora is a liquidity protocol on Solana, and many new tokens launch their first trading pools on it. The direct catalyst for this rally was DLMM Pro, released by the team on October 6. It lets project teams customize the distribution of initial liquidity when launching a token, set fees that gradually decrease as the market matures, and decide how the market opens. Liquidity positions can also be held as NFTs. MET is tied to protocol revenue, and holders can share in that revenue through staking and other means, so the market has priced in expectations of “more token launches, more fees.” The rotation into altcoins that day and a several-fold increase in trading volume further amplified the gains.
My view: DLMM Pro is still in the waitlist phase, and there’s no data yet to verify how many projects will use it or how much fee revenue it can generate. After rising more than 30% in a day, short-term technical indicators are severely overbought. Around $0.47 is clear resistance, while the area around $0.30 is support from the previous breakout. A more prudent approach would be to wait until DLMM Pro officially launches and on-chain fee data becomes available before making a judgment. I wouldn’t recommend chasing the price at a point of peak excitement.
The above is for informational purposes only and does not constitute investment advice.