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WYNN (CRYPTO: WYNN), the memecoin tied to rapper Drake, continued its stratospheric rise over the weekend. It is up 152% in the past 24 hours and currently stands at over $40 million in market capitalization.
What Happened: WYNN just keeps winning. The memecoin, called Anita Max Wynn in its entirety, exploded to more than $40 million in market capitalization, almost touching the $60 million mark at its preliminary peak.
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It has gone from 0 to (almost) 60 in just 11 days, fueled by the endorsement of rapper Drake. The 24-hour trading volume of $17.6 million indicates WYNN is the token everyone on Solana (CRYPTO: SOL) is interested in — for now.
Why It Matters: Solana has had its fair share of memecoin stars challenging the status quo:
Established dog coin stars like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) might feel like their territory is being encroached on. But this does not come as a surprise, as Dogecoin is up a modest 1.9% over the past seven days. Shiba inu rose a healthy, if unimpressive 5.0% in the last week, even underperforming a major like Ethereum (CRYPTO: ETH), up 11.6% during the same timeframe.
Read Also: Will This Meme Coin Make You Rich? Avalanche’s Mystery Collection Could Change Your Fortune
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What’s Next: Unsurprisingly, WYNN investors are fancying their chances that this memecoin party is just getting started:
“Many don’t understand $WYNN is the $SHIB of this cycle and it’s happening infront of your eyes @Drake will become the mover of markets! $WYNN sits at 45M this morning history is being made. The most entertaining outcome is always the most likely. Conviction!” https://t.co/59OWGMG8YC pic.twitter.com/RcsgQIobfJ
— palgrani (@Palgrani) January 15, 2024
Calls for a memecoin to “become the next Dogecoin/Shiba Inu” are not uncommon, but they’re on the rise for WYNN.
0xStari, an anonymous X user that presumably invested in WYNN, tweeted: “STARTING TO REALIZE THE $SHIB OF THIS CYCLE CAME TO US AS DRAKE AND NOT ELON ANITA THE MAX $WYNN.”
Enthusiastic investors may want to keep in mind that what goes around comes around: memecoins are particularly prone to brutal price corrections.
Read Next: Crypto Analyst Foresees Upswing In Bitcoin’s Value Before Major Plunge
Photo: Shutterstock
2024 Breaking: SEC Approves Bitcoin ETF!
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