Myro is one of the best-performing meme coins this year so far, and this momentum is not easing up. In the last 24 hours, Myro is up by 50% to trade at $0.19. Volumes are rising by 61% in the last 24 hours to hit a high of $115.724 million.
Myro, like the other meme coins in the market today, has no real utility, but it has a solid community behind it. Myro’s strong community is linked to the token being named after the dog of Solana founder Raj Gokal. The idea behind Myro was to introduce dog-themed meme coins to the Solana blockchain, and so far, it has been a success. Today, Myro is one of the most traded meme coins on the Solana blockchain, and it continues to draw in more investors with each passing day.
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Going by its most recent price action, there is a lot of speculation that Myro could soon test $1. But how realistic is this?
From all the facts around Myro, the odds are that such a price is realistic and may even become a reality this week if Myro sustains its current momentum, gaining by 50% or more daily.
Hype Is Building Up
One factor that compels the idea of Myro soon hitting one dollar is the community hype. Meme coins thrive on hype, and so far, Myro has it. Across social media platforms such as X, there are lots of people writing about Myro and how it could soon be worth a dollar.
The $MYRO chart is currently exhibiting a strong uptrend, suggesting a high likelihood of the price reaching $1 in the forthcoming weeks and months. pic.twitter.com/qOmoEyY1sD
— STEPH IS CRYPTO (@Steph_iscrypto) March 4, 2024
So big is the hype that today, Myro stands out as one of the top trending cryptocurrencies on CoinMarketCap. This means people who want to buy meme coins this bull cycle but are still deciding what to buy now have Myro as one of their options. This means more demand, which will continue to reflect in the price.
The Token Supply Is Realistic
Myro’s internal fundamentals also make a strong case for this token hitting a dollar. One of them is the token supply. Myro has a maximum supply of 1 billion tokens and a circulating supply of 944.203 million. This is a tiny supply compared to most meme coins today. To understand the high chances of Myro hitting $1, one must consider that Dogecoin came very close to a dollar with a much higher supply of over 400 billion tokens. With a token supply of under 1 billion, Myro even has the potential to hit prices as high as $10.
There is also the fact that Myro’s market cap is tiny despite the recent price rally. At the moment, Myro has a market capitalization of $178 million. This is tiny compared to most meme coins with their markets in the billions. This means Myro has much room to expand and hit $1 billion or more in market cap.
Another factor that makes the case for Myro hitting $1 soon is that, unlike most meme coins, Myro is readily available on top-tier crypto exchanges. Investors can buy Myro on top exchanges like Kucoin, ByBit, and HTC. This ease of access means more investors can buy Myro, which adds to its demand as hype strengthens.
In the section below, we look at Myro’s price action to try and determine whether it could hit a dollar today or in the next few days.
Myro Price Prediction
When going to press, Myro traded at $0.191, with volumes at $116.881 billion. In the last 24 hours, the market cap has expanded by 44% to hit $179 million.
In the last 24 hours, Myro’s price has been expanding rapidly. However, it seems to have hit strong resistance at $0.1933. With buying volumes on the rise and hype building up on social media, the odds are that Myro will soon push through this resistance.
Once the $0.1933 resistance is broken, there is little resistance to the upper side. With buying volumes rising, $0.1933 could give way to Myro testing $1 within the week. Some analysts even believe that based on Myro’s tokenomics, $10 could be an easy target.
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