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Cheems token has been launched on multiple public chains, including ETH, Solana, and BNB. Recently, the ZK-based Cheems token has gained popularity.
What’s Cheems Inu Token and Characteristics ?
Cheems is known as the “Golden Dog” of another meme coin. ZK chain is relatively new, and many new projects in this space have been involved in rug pulls, leaving only Cheems and ZAT. The Cheems token is 100% community-owned, and due to its issuance on the ZK chain, the code is not publicly available. This differs from meme tokens issued on Ethereum, where the token code is open to the public. Some users have concerns about the token’s security vulnerabilities.
Price Prediction for Cheems Token
30% of the Cheems token was airdropped to the community, while another 60% was burned over time. The remaining 10% was allocated for providing liquidity on exchanges. The current total supply of the token is 2.5 billion. Recently, the 30% of tokens that were airdropped became unlocked, leading to significant selling pressure in the market. As a result, the price of Cheems token experienced a sharp decline on May 7th, 2023.
At the same time, because the selling pressure from the unlocked tokens has mostly ended, the price of Cheems token began to stretch after consolidating at the bottom. Looking at the MACD on the 1-hour chart, the buying power is gradually weakening, indicating that the price is expected to face significant resistance at around 10048 in the short term. If the price can break through this level, there will be another wave of increase for Cheems.
The best buying opportunity has already passed. If the current price can hold steady around 7550, there will be a new high in price. If it cannot hold steady, the price will once again drop to around 6000.
Cheems is now listed on BingX exchange and is making its debut on the platform. Click the button to purchase Cheems tokens.
The Risk of Cheems Coin
The biggest risk associated with the Cheems token is not the lack of code transparency, although it has been criticized by the community for not being open source compared to other meme tokens. However, code transparency is not the most crucial factor when assessing the risks of a cryptocurrency. The risk for meme tokens primarily comes from the level of community holders and their actions. If large holders start selling their tokens, it can trigger panic selling among the community, leading to a collapse in the meme token’s price. On the other hand, if the large holders sell their tokens but the community remains optimistic about the token’s future and buys back the tokens, the price may stabilize or even rise.
Based on the current trend, the price of the Cheems token is not stable, and large sell-offs have caused significant price fluctuations. Therefore, the risk associated with Cheems token is quite high.
Meme tokens are considered high-risk investments. This article does not represent any position or constitute investment advice. Users should be aware of the risks involved in purchasing cryptocurrencies and conduct their own research (DYOR) before making any investment decisions.
