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GensoKishi Metaverse (MV) enjoyed a 27% surge 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, and this by announcing that the stablecoin of the GensoKishi game, namely ROND, had been listed on the site as ROND/USDT.
This definitely bullish information is also reflected by observing the trading volume of MV/USDT on the centralized Bybit exchange. The trading volume is indeed up almost 54.24% which implies 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, when we look on a slightly larger scale, we see that the price of the GensoKishi Metaverse token is still down regarding 84% from its all-time high in April 2021. At this period, the price of the MV token was moving around $1.60.
The GensoKishi Metaverse token still has a very 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 rise in prices before the start of a new downtrend is potentially to 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 finalized and the support level of $0.245 is broken, then it is possible to see a continuation of the downtrend to the support level of $0.231.
On the other hand, we might 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 stats for the MV token, but with enough bullish momentum it’s perfectly possible that a market cap of $700 million might be reclaimed by the end of the year.
GensoKishi Metaverse Token Analysis Video (MV)
At the moment, making predictions regarding the price development of the GensoKishi Metaverse token seems purely speculative. Although I think the metaverse will have an important role in the future of blockchain, it is difficult to estimate 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 prior, a new deflationary memecoin known as Tamadoge continued its ascent until it reached a price of $0.038 and that following raising $19 million during a presale that only lasted 6 weeks.
A few hours following the pump, the price of the Tamadoge token (TAMA) fell back to $0.016. The TAMA is now consolidating around the $0.022 mark and might be preparing for a further increase 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 who were present at the pre-sale are still enjoying a unit price of less than $0.02 per TAMA token, which means they will likely make a minimum profit of 10%. And for investors who joined the project during 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 might be the source of a new bullish craze 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 connecting to the OKX platform and then trading with the TAMA, with no minimum required.
I speculate that Tamadoge has more potential than GensoKishi Metaverse as the market capitalization is only $22.5 million which implies that the ROI might be much bigger.
In addition, a market capitalization 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 them until other price targets are met.