A memecoin inspired by Cardano founder Charles Hoskinson’s pet pig Nike has caught the community’s attention. In just 12 hours of HoskinsonFollowing X’s post, NIKE’s market capitalization soared to close to $1 million, highlighting the volatile and often unpredictable dynamics of the crypto market.
Cardano founder launches new Memecoin
The genesis of the NIKE token was a simple, casual tweet from Hoskinson featuring his pet pig, Nike. The tweet quickly captured the imagination of the Cardano community, leading to the creation of a new memecoin called NIKE.
Fun fact: I have a pig named Nike. pic.twitter.com/53KeeYD1Sf
-Charles Hoskinson (@IOHK_Charles) June 17, 2024
Within hours of its launch, NIKE displayed a surprising increase in its valuation. According to data from TapTools, the token’s price has increased rapidly. Trading metrics painted a picture of frenetic activity: the token’s price increased by an unprecedented 60,200% when it reached $0.00089.
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Market reception to NIKE has been vibrant, with the token quickly rising through the ranks to become one of the most traded within the Cardano ecosystem. According to the latest Metrics per taptools.io, NIKE’s 24-hour trading volume was $616,000 with 2,304 buys and 1,432 sells. Buying volume reached $316,955, while selling volume was slightly lower at $284,505, indicating robust but balanced trading interest.
Liquidity numbers were equally attractive, with the token holding a pool of $47,900. The largest holder of NIKE tokens commands a significant 19.37% of the total supply, a factor that adds a layer of risk regarding possible price manipulation or future sales. This trader is followed by holders with 5.58%, 3.35% and 2.93% respectively of the 1 billion token supply. There are currently 668 NIKE holders.
NIKE’s rapid rise has sparked a series of reactions in the crypto community. While some enthusiasts are optimistic about the playful involvement and profit potential, others express concern about the speculative nature of such developments.
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One user commented on the phenomenon, noting, “This is everything that is wrong with crypto and this is why many people will never feel comfortable investing in it.” Another user jokingly asked, “What other animals do you have?” which likely would have sparked the creation of another memecoin if the Hoskinson farm owner had responded.
Hoskinson expressed his shock and wrote via X: “I don’t know why a photo of my pig resulted in a memecoin worth almost a million dollars in less than 12 hours.”
I don’t know if a photo of my pig resulted in a memecoin worth almost a million dollars in less than 12 hours. pic.twitter.com/Hzhe0qjkI0
-Charles Hoskinson (@IOHK_Charles) June 18, 2024
As NIKE continues to attract attention and trading volume, it could pose a challenge to SNEK, the previously dominant memecoin on Cardano. ecosystem with a market value of US$74 million. While SNEK remains far ahead in terms of total valuation, NIKE’s sudden rise highlights the dynamic and ever-changing landscape of memecoins in the crypto market.
At press time, ADA traded at $0.373.
![Cardano Founder Pig NIKE Sparks Memecoin Craze 1 Cardano Price](https://thegurumedia.com/wp-content/uploads/2024/06/ADAUSD_2024-06-18_13-23-56.png)
Featured image of X @IOHK_Charles, chart from TradingView.com