Hana is a new meme coin that launched this week and has experienced a substantial 493% gain since.
But with a $20 million market cap, can this Shiba Inu-themed meme coin keep growing, or has it already had its day?
Hana Sees Strong Interest, But On-Chain Sleuth Voices Concern
Despite a market cap of $20 million, Hana has seen a staggering $12 million in 24-hour trading volume.
What makes this even more interesting is that most of this volume has been processed on Uniswap.
This means traders are paying relatively high fees just to trade this token, and they’re doing it en masse.
If traders are willing to transact over $12 million of a low-cap meme coin on the Ethereum chains, there’s clearly a market investor appetite.
Moving on from that, what else is there to look at?
Let’s start with its memetic element. Hana is supposedly a dog’s name in the early Shiba Inu lineage.
Moreover, the team claims that the Dogecoin logo is an image of a dog called Hana.
If this is true, Hana may gain traction as a pivotal player in the Shiba Inu-inspired meme coin history books.
However, meme coins are highly speculative and driven mostly by sentiment and emotion. A narrative only works if people believe in it.
As such, let’s look at what analysts are saying about the project.
Giba told his 23,000 X followers that his next target for Hana is a $40 million market cap, which would provide over 2x gains.
This would push its price to $0.0045.
The analyst underscored Hana’s strong momentum, underpinned by high trading volume and a growing holder count.
https://twitter.com/giba_machado/status/1840738869769101763[a]
Meanwhile, Christiaan looks toward a $30 million market cap, marking a 50% increase from its current price.
https://twitter.com/ChristiaanDefi/status/1841042818413842665[b]
Other popular analysts have also backed the project. For instance, Jake Gagain, who has 315K followers, says it is “going parabolic.”
https://twitter.com/JakeGagain/status/1840916195954115023[c]
However, others are not so positive. Speculation is circulating that Hana’s price is being artificially pumped up by a smart money “cabal.”
Analyst Dethective waded his concerns in an X thread in which he said its price action is “orchestrated” and “every new buyer will eventually lose 90% of the money.”
https://twitter.com/dethective/status/1840914058087645510[d]
Whether this turns out to be true remains to be seen. But either way, there is a lot of attention on Hana, and this is typically good for meme coins – at least in the short term.
With that in mind, Christiaan expectations of a 50% gain are certainly possible, especially considering the project’s high trading volume and recent success. That would give a near-term price target of around $0.003.
However, its low market cap, lack of major exchange listings, and concerns among some analysts all indicate that it may not be smooth sailing.
Those who take the Hana trade should prepare for significant volatility in both directions.
Investors seeking an alternative to Hana may be pleased to learn about Crypto All-Stars. It’s a new utility-rooted meme coin currently undergoing a presale.
The presale provides all market participants a fair and equal opportunity to invest, negating the “cabal” accusations of projects like Hana and Neiro Ethereum.
Crypto All-Stars Presale Raises $1.8M for First Meme Coin Staking App
Crypto All-Stars brings the innovative principles of decentralized finance (DeFi) to meme coins, allowing holders of all the top joke tokens to generate revenue on their assets.
It’s launching a platform called MemeVault, which will allow users to stake Dogecoin, Shiba Inu, Pepe, and more for passive $STARS rewards.
Users must hold $STARS to access the platform, which provides measurable utility and separates it from most other meme coins on the market.
While most meme coin prices are driven purely by speculation, investors will be driving up the price of $STARS to access the MemeVault.
$STARS holders can also stake their tokens for further gains. The current staking APY is over 700%.
Its use case is drawing tons of attention. In addition to raising $1.8 million, it has also piqued the interest of prominent industry experts.
For example, an analyst from the Cryptonews YouTube channel recently said it can 100x.
Gains of that magnitude are rare, even in the meme coin space.
But with a clear focus on cultivating meme coin utility, Crypto All-Stars offers a breath of fresh air into the highly speculative sector.
Reflected by its early presale success, this juncture appeals to a lot of investors.
