The cryptocurrency market witnessed another meme coin frenzy as Coby (COBY), a Solana-based meme coin, surged over 500% in a single day.
According to data from CoinGecko, COBY is currently trading at $0.009446, marking a staggering 500% increase in just 24 hours. The token’s meteoric rise doesn’t stop there – it’s up 153% over the past week and has gained an impressive 267% in the last 30 days.
COBY hits a new ATH amidst market turmoil
COBY hit its all-time high of $0.01325 on October 4, 2024, and despite a slight pullback, it’s still trading at levels higher than other coins amidst the current market conditions.
COBY was trading at its all-time low of $0.0007194 just two months ago, on August 14, 2024. Investors who bought at the bottom and held on have seen their holdings multiply by over 1,248%.
The Solana ecosystem, known for its high-speed and low-cost transactions, has become a breeding ground for meme coins looking to replicate the success of other meme coins.
COBY’s surge has pushed its market capitalization above $12 million, as reported by SolanaFloor. This is a major milestone for a token that was virtually unknown just weeks ago.
Meme coins often gain traction through social media hype and community-driven marketing. The fear of missing out (FOMO) can drive prices to eye popping heights in short periods.
However, it’s crucial for investors to approach such explosive growth with caution.
Source: https://www.cryptonewsz.com/coby-meme-coin-surges-over-500-in-24-hours/