Solana-based meme coin Dolos the Bully (BULLY) has seen explosive growth gaining 700% over the past week reaching an all-time high of $0.2441.
Solana-based meme coin Dolos the Bully [NC] is currently capturing the limelight with more than 100% gains in the last 24 hours and hitting a new all-time high of $0.2441. On the weekly chart, the meme coin has extended gains by more than 700%.
In no time, the BULLY meme coin has gained a market cap of more than $200 million. This meteoric rally suggests growing interest and bullish momentum for the Solana cryptocurrency in recent days.
However, investors should take cautious bets concerning the volatility surrounding BULLY at this moment following this rapid surge. Data from Messari indicates that volatility around BULLY has been climbing since November 20. It signals heightened buying or selling pressure which could trigger swift price swings in either direction.
Courtesy: Messari
Another on-chain metric dubbed the Sharpe Ratio is on the rise for the BULLY meme coin, thereby supporting its upward trajectory. This indicator gauges the crypto’s performance based on the risks taken.
A positive Sharpe Ratio suggests the cryptocurrency offers good returns relative to risk, while a negative ratio signals the asset may not provide sufficient returns for the risks taken.
The current positive Sharpe Ratio for BULLY suggests that the meme coin is likely to maintain its upward price momentum, as long as the metric stays favorable.
Courtesy: Messari
About Solana Dolos The Bully and BULLY Price Action
The Solana-based meme coin Dolos the Bully has been inspired by an AI language model built on the Llama 3.1 architecture. This cryptocurrency represents a persona that merges the mischief and cleverness of Greek mythology with the fast-paced, dynamic nature of crypto Twitter culture. Thus, it draws a parallel with another recently popular meme coin, the Goatseus Maximums (GOAT).
On the 4-hour chart, BULLY price has surpassed the 20-day Exponential Moving Average (EMA), a key indicator used to determine whether a cryptocurrency is in an uptrend or downtrend.
A rising EMA suggests a bullish trend, while a declining EMA signals a bearish one. With BULLY currently above the 20 EMA (blue), it indicates a potential upward price movement. If this trend continues, the token’s value could rise towards $0.30.
Courtesy: TradingView
In the case of selling pressure, the bullish scenario could flip while pushing the BULLY price to under $0.16.
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