The Solana-based meme coin is up more than 15% in the last day, taking its weekly gain to 32.8%. At the time of writing, the market capitalization exceeded $184 million and the daily trading volume was approximately $16.8 million.

Michi surged after receiving a listing on Gate.io crypto exchange on November 4, where the MICHI/USDT trading pair was livestreamed. Listings on major centralized exchanges like Gate.io are perceived as a bullish signal by investors, leading to price increases to capitalize on the community-supported excitement.

On the same day, a community member observed that smart money investors holding at least 10 thousand tokens purchased more than 4.43 million MICHI tokens in the last 24 hours. This investment is worth more than $1.48 million at current prices.

A similar trend was observed last week, with multiple whale addresses investing in meme money by dollar cost averaging.

With significant investments from big investors and smart money investors, many market commentators think that Binance, the world’s largest crypto exchange, may consider listing MICHI on its platform, thus adding further momentum to its ongoing rise.

Meanwhile, the number of MICHI holders has also increased since late October. Solscan data shows that more than 38,900 investors currently hold the meme coin; this is an increase from 36,561 on October 30.

Analyst MURAD shared a chart to highlight another positive aspect of meme coin on X, citing MICHI as the decentralized meme coin with the best distribution rate.

Having a balanced distribution of tokens among holders means that no single asset has the power to significantly influence the market, reducing fears of volatility in the event of a large holder sale.

MICHI broke away from the 298 largest alternative cryptocurrencies as Bitcoin fell from $73,295 to $67,569.

Bitcoin price began to pull back when the probability of Republican presidential candidate Donald Trump winning the US election dropped to 56.7% from 66.9% on October 30.

On the 1-day MICHI/USDT chart, a Relative Strength Index of 60% and an Average Directional Index of 33% indicate a strong bullish sentiment that could lead to more gains for the meme coin in the short term.

MICHI is positioned above the middle Bollinger Band at 0.3079 while approaching the upper Bollinger Band at 0.3804. A break above the upper Bollinger Band at 0.3814 could push the meme coin to retest the all-time high of 0.497; This represents an increase of more than 42% from current levels.

In case of a price reversal from current levels, 0.3083 will immediately act as the support level, followed by 0.2350 as the next support.