Summary:
Solana degens took advantage of the Securities and Exchange Commission’s approval of a spot Bitcoin ETF by creating meme coins referencing the ETF and quickly profiting from their high valuations. The ETF token spiked 30,800% in value before deflating, accumulating $775,000 in trading volume. Another meme coin called BTCETF also experienced extreme highs and lows, skyrocketing 43,000% before crashing. Meme coins often take advantage of breaking news to pump risky tokens.
Key Points:
1. Solana degens created meme coins themed around the newly approved spot Bitcoin ETF, resulting in immediate spikes in value followed by deflation shortly after.
2. The Solana-based meme coin ETF experienced a significant increase in trading volume, accumulating $775,000 from over 1,900 unique crypto wallets. However, it currently has a market capitalization of around $93,000 and $23,000 worth of liquidity.
3. Another meme coin created on Solana, BTCETF, also saw extreme highs and lows following the SEC’s announcement. It initially skyrocketed by 43,000% but quickly crashed, leaving it with a market capitalization of $69,000 and $12,000 worth of liquidity. Meme coins often take advantage of breaking news to pump risky tokens with high levels of volatility.