Samoyed (SAMO) price has become a whale’s playground as the crypto meme coin season enters its final stages. On Wednesday, the dog-themes meme coin Samoyed had an exponential surge of 362% in a single day. However, the move was not sustainable, and the coin tanked on Thursday.
At the time of writing, the Samoyedcoin price was trading at $0.00687 after a 50.51% price decrease in today’s trading session. The latest analysis shows that it is very risky to buy this meme coin at its current price.
Why Is Samoyedcoin Price Pumping?
Samoyed (SAMO) price has seen an exponential surge this week. The price action seems to be a pump-and-dump event which is one of the most brutal manipulated moves in cryptocurrencies. In such moves, the price is often pumped suddenly to increase investor interest, as happened to the Samoyed coin price.
As soon as the buying pressure increases, the manipulators immediately dump their bags, leaving the late entrants with a huge loss. The ongoing meme coin season started with the rise of the PEPE coin, but now it appears to be reaching its climax as the BTC price dropped to its lowest level since March 14.
Samoyed Coin Price Breaks Above 200 MA
The following SAMO price chart reveals that the price has broken above the 200 moving average after a long time. This is generally considered a sign of bullishness if the price gains acceptance above $0.00392, then I expect another leg up in the coming days.
However, the long-term Samoyed coin price prediction remains bearish as the coin is still 97.6% down from its all-time high. Therefore, it is very risky to invest in such coins from a long-term perspective.
I’ll keep posting my updated Samoyedcoin price analysis in my free Telegram group, which you are welcome to join.