It all started when Hoskinson shared a picture of his pet pig, Nike, on the social network X.
What was to be a mere social media post by Cardano creator Charles Hoskinson has turned out to be a meme coin that has rapidly surged to a market capitalization of over $650,000.
Memecoin Frenzy: NIKE Challenges Cardano’s Reigning Meme Coin SNEK
It all started when Hoskinson shared a picture of his pet pig, Nike, on the social network X. Within just 24 hours, the Cardano (ADA) community had rallied to create a new meme coin dubbed “NIKE”, inspired by Hoskinson’s pig.
The Nike token has already become the most traded token in the Cardano ecosystem, with a trading volume reaching 1.51 million ADA in the last 24 hours. This rise has even challenged the dominance of Cardano’s previous top meme coin SNEK, which boasts a market cap of over $72 million, and it is currently sitting second to Nike as the most traded token in the Cardano ecosystem.
Hoskinson seemed surprised by the rapid increase of the Nike meme coin, expressing his shock and saying he was “at a loss” over how a simple photo of his pig had amassed such a figure in just a few hours.
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. pic.twitter.com/Hzhe0qjkI0
— Charles Hoskinson (@IOHK_Charles) June 18, 2024
According to data from TapTools, Nike has increased by over 103.10K% in the last 24 hours, with the buy volume reaching more than $300,000, while the more popular SNEK is $264,729.
Crypto Community Divided: Some Embrace the Pig-Themed Meme, Others Question Crypto’s Direction
Nike’s sudden popularity shows the Cardano community’s enthusiasm and unpredictability. As the ecosystem sees increased competition among meme coins, many wonder whether the pig-themed token can overtake the established SNEK coin in value.
According to a crypto commentator on X decypher, the new meme coin has gained the most volume for the Cardano tokens in the last 24 hours, which can be attributed to the push by the crypto coin’s community.
$NIKE is doing the most volume for Cardano tokens in the last 12 hours
You can't ever underestimate the power of a good meme that is pushed by the community as a whole 🔥 pic.twitter.com/RBCSNCX9eZ
— decypher (@decypher_xyz) June 18, 2024
However, some crypto enthusiasts are not excited about the situation. X user Arthur commented on Hoskinson’s post that such happenings are part of why many people do not want to invest in cryptocurrency. He said:
“This is everything that’s wrong with Crypto and why a lot of people will never feel comfortable investing in it.”
The sudden spike in Nike’s price shows the power of community attention and how social media can influence the price of a meme coin and cause it to go viral. Thus, following the rally, the crypto community will be closely watching the NIKE movement to see how far the ‘pig-themed’ meme coin can go and if it could eventually dominate the Cardano meme coin space.
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