News
Hedera Price Skyrockets Thanks to Major Partnership, Milei Moneda Sells 64 Million Cryptocurrency MEDA Tokens in Pre-Sale
- Hedera price exploded by 60% after a major partnership with BlackRock was announced yesterday
- The HBAR has broken out of a descending channel pattern, signaling the potential for further upside
- New meme coin Milei Moneda (MEDA) has sold over 64 million tokens in an ongoing presale
The price of Hedera (HBAR) has exploded by 60% in the last 24 hours, making it the highest gaining coin among the top 100 coins by market capitalization.
This surge comes on the heels of the Hedera Foundation’s announcement of a partnership with global investment giant BlackRock.
At the same time, a new meme coin called Milei Moneda (MEDA) is trying to enter the meme world, having already entered phase 2 of its ongoing cryptocurrency presale.
Partnership with BlackRock fuels HBAR’s rise
Yesterday the Hedera Foundation took to X to share the exciting news of its collaboration with BlackRock, tokenizing the latter’s ICS US Treasury money market fund (MMF) on the Hedera network. This development marks a rather important milestone in wealth management, as it brings the world’s largest wealth manager to partner with the Hedera Foundation.
The announcement highlighted that this move builds on the growing portfolio of real-world institutional assets (RWA) on Hedera, following the tokenization of Aberdeen’s flagship multi-billion dollar MMF on the network last year.
Furthermore, this partnership should demonstrate the growing institutional adoption and trust in the Hedera ecosystem, which has undoubtedly contributed to the substantial HBAR price pump.
However, it was later clarified by Archax CEO Graham Rodfort that the decision to tokenize BlackRock’s fund on Hedera came from Archax, not BlackRock itself. However, it is crucial to point out that BlackRock’s foray into real-world asset tokenization came last month with the launch of its USD Institutional Digital Liquidity Fund
HBAR breaks out of the descending channel pattern
Since mid-March, HBAR has been trading within a descending channel pattern, a bearish technical formation characterized by lower highs and lower lows. However, recent positive news has catalyzed a powerful breakdown of this pattern, pushing HBAR into what can be described as “explosion mode.”
HBAR rose about 60%, reaching a new yearly high for 2024 of about $0.18 before cooling slightly to its current trading price of about $0.13. It is worth noting that HBAR’s all-time high is $0.47, which was reached during the 2021 bull run.
Technical indicators support the bullish momentum, with the 200-day moving average currently at $0.08 and the MACD line trading above the MACD signal line, suggesting a potential continuation of the uptrend.
Furthermore, the Relative Strength Index (RSI) on the daily chart stands at 63, indicating that the HBAR is in overbought territory, which could potentially trigger a correction or consolidation in the short term.
Based on technical analysis, HBAR could potentially retrace towards the $0.10 to $0.12 range in the short term to digest recent gains before potentially embarking on a renewed upward trajectory, targeting resistance levels from $0.20 to $0.25.
Milei Moneda: a satirical meme coin on pre-sale
Now let’s shift gears into the world of meme coins, how Milei Moneda (MEDA) has entered this industry with its blend of humor, politics and blockchain technology.
Inspired by Argentine President Javier Milei, known for his defense of the free market and libertarian principles, MEDA is a parody that satirizes the eccentric political figure’s personality.
Milei Moneda started its cryptocurrency pre-sale at the end of March and has already sold over 64 million MEDA tokens. The current stage price is 0.0125 USDT, with the next stage price set at 0.015 USDT and an launch price of 0.020 USDT.
The token offers rewards for active users, including exclusive NFTs, monthly freebies, and discounts on crypto deals. Additionally, Milei Moneda features a token burn mechanism designed to preserve its price over time, ensuring that long-term investors remain profitable.
Milei Moneda leverages the benefits of blockchain while ensuring a locked liquidity setup as a token based on the Ethereum network.
Based on the supply of 500,000,000 MEDA tokens, 60% will be allocated to public access, 15% to liquidity, 15% to marketing and rewards, 5% will be burned and 5% will be donated in airdrop campaigns. This approach could potentially distinguish Milei Moneda from other meme coins, which may not have a clear allocation strategy for their token supply.
Conclusion
All in all, while Hedera (HBAR) has seen a surge fueled by its partnership with BlackRock, the emergence of Milei Moneda (MEDA) as a pre-sale satirical meme coin has added a fun twist to the cryptocurrency market this month.
HBAR’s strong departure from the descending channel pattern and positive technical indicators suggest the potential for further upside momentum, albeit with the possibility of near-term consolidation or correction. Investors should closely monitor HBAR’s performance as the impact of the BlackRock partnership develops.
On the other hand, Milei Moneda offers a blend of humor and blockchain technology, providing an alternative investment opportunity for those looking for a lighthearted approach to the crypto space. With its presale underway, MEDA could potentially capture the attention of the meme coin industry as we prepare for the next step in this bull run.
Disclaimer: This is a paid post and should not be relied upon as news/advice.