The community has been captivated by a memecoin that was inspired by Cardano creator Charles Hoskinson’s pet pig Nike. In just 12 hours, Hoskinson‘s post on X, NIKE’s market capitalization soared close to $1 million, underscoring the volatile and often unpredictable crypto market dynamics.
Cardano Founder Sparks New Memecoin
Hoskinson’s casual, simple tweet featuring his pet pig Nike was the inspiration for creating the NIKE Token. This tweet quickly captured the Cardano Community’s imagination, leading to a new memecoin named NIKE.
Funny Fact: I own a pig called Nike pic.twitter.com/53KeeYD1Sf
— Charles Hoskinson (@IOHK_Charles) June 17, 2024
NIKE experienced an incredible surge in value within hours after its launch. TapTools data shows that the price of the token quickly grew. Trading metrics revealed frenetic trading: The token’s value increased an unheard of 60,200% after reaching $0,00089.
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The Cardano market has welcomed NIKE with open arms. According to the latest metrics According to taptools.io’s data, NIKE had a 24-hour volume of $616,000 with 2,304 purchases and 1,432 sales. Buy volume reached $316.955 and sell volume slightly less at $284.505. This indicates a strong but balanced interest in trading.
The token maintained a liquidity pool of $47,000. The biggest NIKE token holder holds a substantial 19.37% share of the supply. That adds a risk layer to potential price manipulations and future sale-offs. The next three holders have a share of the token supply in 1 billion with 5.58 %, 3.35 % and 2.93 % respectively. NIKE is currently held by 668 people.
Crypto community has reacted in a variety of ways to the rapid rise of NIKE. While some crypto enthusiasts are positive about the playfulness and profit potential of these developments, others have expressed concern over the speculation involved.
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The phenomenon was noted by one user. “This is everything that’s wrong with Crypto and why a lot of people will never feel comfortable investing in it.” A user joked: “What other animals do you have?”It is likely that if Hoskinson replied, a new memecoin would have been created.
Hoskinson wrote to express his shock via X. “I’m at a loss that a picture of my pig has resulted in a memecoin that is nearly at a million dollars in under 12 hours.”
It’s a shock that my picture of a pig led to a memecoin worth almost a half-million dollars within 12 hours. pic.twitter.com/Hzhe0qjkI0
— Charles Hoskinson (@IOHK_Charles) June 18, 2024
As NIKE garners attention and volume of trading, it may pose a threat to SNEK, previously the dominant memecoin on the Cardano ecosystem With a total market capitalization of $74 million, Nike has surpassed SNEK. SNEK is still far ahead of NIKE in terms of valuation. However, the rise of NIKE shows the ever-changing and dynamic landscape of memecoins on the crypto market.
The ADA was trading at $0.373 as of press time.
Chart from TradingView.com. Image from X@IOHK_Charles.
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Source: www.newsbtc.com
