Memecoins
The Winnie the Pooh-themed coin soars 46% as Memecoins continue to soar despite the downtrend seen in larger cryptocurrencies like Bitcoin, Ethereum and Dogecoin.
May 24, 2024 1:28 a.m. | 2 minutes of reading
An adorable-themed cryptocurrency Winnie the Pooh The character has increased the fortunes of its holders after reaping big gains in recent times.
What happened: POOH (CRYPTO:POOH), created purely for entertainment purposes, surged 46% in the last 24 hours, according to CoinMarketCap data. Over the past week, its value has more than doubled.
With the parabolic lift, the token’s market capitalization exceeded $17 million. Around $3.42 worth of trades involving POOH were executed in the last 24 hours, an increase of 17.66%. The rise of power comes at a time when the most popular currencies as Bitcoin (CRYPTO: BTC), And Ethereum (CRYPTO: ETH) And Dogecoin (CRYPTO: DOGE) was slow.
Despite a significantly lower valuation than major coins, the Ethereum-based coin’s trajectory over the year has attracted interest.
POOH exploded immediately after its launch last year, but crashed shortly after. It survived the bear market with little to offer until The memecoin frenzy of March woke him up from his hibernation. Since then, its value has increased more than 5 times.
Currently, community enthusiasm is skyrocketing over a proposal to burn 13 Ether of POOH, or approximately 4.4% of its total supply. Typically, such events put deflationary pressure on the asset.
I have a draft proposal to burn almost 2 trillion $POOH 🔥
Full transparency: the proposal sends funds to my wallet and I will do the $POOH burn.
I have been in the $POOH community from the beginning. I also have more $POOH that we burn. LFG 🔥 https://t.co/RBizJWLjXE
– haspoohla (@haspoohla) May 20, 2024
Why is this important: Memecoins have we had a lot of fun in 2024while the general sentiment towards the cryptocurrency market has improved significantly,
POOH appears to be enjoying the frenzy, supported by a loyal community and a general resemblance to the legendary animated character.
The coin specifically states that it is “useless”, with no intrinsic value or expectation of financial return.
That said, a piece of the same nature, Pepe (CRYPTO: PEPE), returned 842% to its holders over the year.
Memecoins have had a history of wild fluctuations, hence DYOR before investing.
Price Action: At the time of writing, POOH was trading at $0.00000004187, up 46% in the last 24 hours, according to CoinMarketCap.
Photo courtesy: Raul Pongasi Berame on Shutterstock.com
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