Maneki, a newly launched meme coin in the solana ecosystem, has experienced a staggering price increase of over 30,000% since its inception within just four days, surpassing a market cap of $200 million. no pre-sale of tokens or team allocation was conducted, and over 1 billion unique tokens have been generated and listed on solana. the surge in price has been fueled by multiple major exchange listings, including okx, aax, and huobi, despite prevalent market chaos and the rug pull incident with the $cat token. data from blockbeats and the block shows that in the first few hours of the pre-sale, the price of maneki grew from $0.000052 to $0.0181 and currently as of 2024-04-25 is sitting at $0.0179.

a significant portion of the buying was driven by large whales and organized groups of traders, quickly coining the term "maneki" as the next potential $pepe, buoyed by its luck cat mascot. an estimated 44.9% of the total supply was owned by seven wallets within minutes of the coin going live, raising speculation about market manipulation.
although some market participants believe that the upswing is due to the low supply and high initial interest, the lack of real-world utility in meme coins and the absence of intrinsic value raise concerns.

despite these risks, the product has garnered substantial market attention, with reports indicating a trading volume of over $200 million and a market value reaching $84 million. the sudden popularity of maneki, along with numerous positive reports, has awakened a new wave of meme coin fans. however, blockbeats warns that meme coins usually lack practical applications and experience significant price fluctuations and potential rug pulls, suggesting users tread with caution.

crypto enthusiasts are eager to see if this meme coin will maintain its current popularity or follow the trajectory of others that surged before but eventually cooled down significantly.

timestamp: 2024-04-25 06:46
source: blockbeats