Putin Coin Sees Astonishing 22,184% Surge – Is This Obscure Crypto Next?

cryptonews.com:

As Solana meme coin markets remain super-charged, Mr President (PUTIN) coin has exploded a stunning 22,184% overnight.

This article will provide an analysis of PUTIN’s current price trends and look to see whether a newer meme coin, SMOG, represents a more promising investment opportunity at this time.

$PUTIN WILL SENT TOGETHER WITH NUCLEAR WEAPONS https://t.co/dO03blebKl

— Mr.President (@GoHardLikePutin) February 15, 2024

With the promise of ‘going hard like Vladimir Putin’, the new PUTIN coin appears to be a dark comedy play on the Russian President, with virality unlocked through humorous engagements across social media.

In the midst of a downside move, Mr President is currently trading at a market price of $0.2334 (representing a 24-hour change of +37,650%).

This comes after an explosive launch, which gained almost immediate traction upon DEX listing, triggering a 14-hour climb to hit an all-time high around $1.19.

The dramatic value accrual was fuelled by more than $1.75m in trading volume.

Yet, as early-holders took profit on an alluring +28,473% gain, retracement and price correction set into the chart, initiating a now -81% downside move.

PUTIN price is now left fighting to defend lower support above $0.145, an area that could be flipped to a bounce if bulls gain control over price action.

Indeed, over the past hour, 59% of transactions have been purchases, suggesting that buy pressure remains dominant over PUTIN’s price trajectory.

But while this might bode well, some concern emerges from the relatively small liquidity pool, which remains unlocked (risking a honeypot play) and represents just 10% of the current market cap of $225.47k.

This could create illiquidity for swathes of the 787 holders remaining positioned.

For this