The cryptocurrency market has witnessed two notable price pumps over the past few days, with OIN Finance and CHEEMS tokens experiencing significant upswings. While the reasons behind these rallies are not entirely clear, traders and analysts are closely examining various metrics to understand the potential catalysts and risks associated with these movements.
OIN Finance Token Surges Over 6,000% in 48 Hours
The price of the OIN Finance token, which had been relatively silent for an extended period, suddenly spiked yesterday. The rally began at $0.006 and surged to $0.09 before closing at $0.07. Today, the momentum continued, with the token opening at $0.07 and reaching a staggering high of $0.39, marking an over 6,000% move within 48 hours. However, the price has since retraced to around $0.15.
One puzzling aspect of this pump is the lack of a clear trigger or reason behind it. Technical analysis provides little insight, leading us to speculate that the breakout from a prolonged accumulation phase, combined with increased trading volume and market capitalization, may have emboldened bulls to push the price higher. Data from CoinMarketCap revealed that the trading volume has spiked by 5000% in the last 24 hours and the market cap has also increased by more than 2000%
Traders must exercise caution, as such a massive pump could potentially lead to a significant sell-off if major holders decide to cash out their positions.
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Show more +CHEEMS Token Rallies on Relaunch and Community Activities
Alongside OIN Finance’s surge, the CHEEMS token has also been experiencing a price pump, reportedly driven by a token relaunch and various community activities.
According to the CHEEMS team, there will be no private sale or KOL (influencer) supply distribution during the relaunch. Instead, the focus will be on centralized exchange listings, advertising, and community building. The team plans to address the oversaturated liquidity pool by reducing the token’s ratio to 5-10%, allowing for easier price movement.
Furthermore, funds from the liquidity pool will be allocated to marketing efforts, with a transparent wallet visible to the community. Non-fungible token (NFT) offerings are also on the roadmap, with proceeds earmarked for additional marketing initiatives.
The CHEEMS team has outlined plans for community engagement, including an external crypto Telegram group AMA, Asian marketing campaigns, daily voice chats, quizzes, and rewards for community members.
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