Remember Beer and Water tokens? Pizza launched yesterday and has been a big success. Are food tokens back?
Beer and Water both reached insanely high market caps, with Beer reaching above $500 million. Pizza could potentially be the next one to reach such highs, so let’s take a look at the technicals as they look now.
Pizza Price Analysis: Pizza Crypto consolidating after +3,000% Launch
After the initial 5-minute candle close, Pizza went on to go up 3.000% or 30x, something most projects can only dream of when launching.
Looking at the chart, we can see that volume has been calming down a bit since then but is still over $4 million per day.
This goes hand in hand with price consolidating after such a huge move. We could even call it a range here, and we could probably expect it to stay in this tight range a bit longer before potentially moving back up, which would be considered healthy as well.
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Bubblemaps Looks Healthy: Is Token Distribution a Concern?
(InsightX – Bubblemaps of Pizza)
As we explained in our article yesterday on Retardio, Bubblemaps is a simplified view of token holders and potential clusters of holders that have distributed their tokens to multiple wallets.
This is a good way to find out if a token is healthy or manipulated. You don’t want huge clusters of 5-10%, as they could dump on you.
Once again, we rely on the analytics platform InsightX to give us an overview of holder distribution and gain some insight. Surprisingly, we can see that there are no clusters at all with prior connections to each other, either on Pizza or all of Solana.
This is considered highly bullish as there will be no concentrated entity that can manipulate the price.
Looking at both the chart and holder distribution, we can relatively safely assume that if the project can keep volume up and interest from new holders, this might become another major food meme. All we have to do is try to find some good entries while maintaining risk management!
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
