This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Memecoin (MEME) experienced a 5% drop in price on November 7th, despite trending on social media. The token had a brief uptrend before flatlining throughout the session. This comes after the token lost 80% of its peak price on November 3rd and struggled to break through a resistance line. The trading volumes for MEME also decreased by 30% on November 7th, indicating a decline in investor interest. While there has been an increase in NFT trade count and total trade volume for Memecoin, it is still far below the levels seen in July. This suggests that a revival in NFT sales is necessary for a potential price increase. However, given the current flatline, a sudden surge in sales would be unexpected. The listing of Memecoin on the OKX platform did not have a positive impact on the price. Despite offering features such as perpetual swap trading and leverage options, OKX is only the third largest market for MEME, with Binance holding the top two positions. Overall, Memecoin’s price remains in a downtrend, with bearish expectations reinforced by trading below key moving averages. The token’s future performance will likely depend on a significant increase in NFT sales and renewed investor interest.