MINKY Price Analysis: How Is MINKY on BASE Shaping Up Amid Emerging Scamcoin Allegations?
First and foremost, let's delve into the current state of MINKY on Base amidst swirling allegations of it being a potential scamcoin. Recent developments have unveiled some concerning information regarding the ownership structure of MINKY by its developer, sparking skepticism within the crypto community. An examination using cutting-edge analytical tools has exposed a significant cluster of holdings attributed to the developer, amounting to a substantial 59.46% of the total token supply under one individual's control.
While the developer's ownership has raised red flags, it's crucial to note that they are gradually offloading their holdings, indicating a temporary period of stability. However, this places retail investors and latecomers at risk of a sudden market downturn if the developer decides to dump the remaining tokens. This precarious situation calls for caution when considering MINKY as an investment option.
Although the looming shadow of a potential rug pull persists, the technical analysis of MINKY's price action reveals an impressive pattern within an upward trading channel. Despite the uncertainties surrounding the project, the price of MINKY is holding firm, bolstered by its consistent performance within the trading channel.
Recent price movements, including a slight pullback to test the 20-day moving average support level, hint at the ongoing sell pressure from the developer's holdings. However, the Relative Strength Index (RSI) signals a bearish divergence while underscored by robust buying activity, with taker buys dominating the recent transactions. This influx of retail interest, combined with prudent distribution from the developer, may sustain the current price momentum.
While the chart structure of MINKY appears enticing, it heavily relies on the developer's actions. Thus, investors are advised to adjust their risk tolerance levels accordingly and proceed with caution in light of the prevailing circumstances.
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