Meme Coin “memes” Soars Over 85% After White House Tweet

The BSC ecosystem Meme coin ‘memes’ surged over 85% in six hours on January 25, following a White House tweet, reaching a market cap of $18.5 million.

Such volatility demonstrates the influence of social media on cryptocurrency markets, highlighting risks for investors due to their reliance on sentiment and hype rather than intrinsic value.

Meme Coin Hits $18.5M Market Cap After Tweet

The “memes” coin on the BSC ecosystem experienced an impressive surge following the circulation of a White House tweet stating, “The winning will continue. The deportations will continue. The memes will continue.” This message drove the coin’s valuation considerably higher.

As market participants reacted, the meme coin’s market cap reached $18.5 million, alongside a 24-hour trading volume hitting $39 million. This highlights the influence of social media and sentiment in the cryptocurrency sector’s volatile nature.

Although there were no major comments from key industry figures or notable organizations, investors have noted the potential risks associated with such volatile assets. Meme coins typically fluctuate based on hype and lack a substantial use case or inherent value.

Social Media’s Role in Price Surges

Did you know? The White House tweet is reminiscent of past spikes in meme coin prices, illustrating the continuing trend of market reactions driven by viral online content rather than underlying value.

According to CoinMarketCap, the “memes” coin currently trades at $0.01 with a market cap of $11.50 million. The 24-hour trading volume rose by 38.54% to $49.86 million. Price fluctuations showed a sharp increase of 12.15% over 24 hours and a staggering 356.47% over 90 days.

Insights from Coincu research indicate that while meme coins present intriguing short-term gains, they carry significant regulatory and financial risks. Historically, meme coins like SQUID Game token have experienced dramatic volatility, underlining potential vulnerabilities in the market.