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A memecoin inspired by Cardano founder Charles Hoskinson’s pet pig Nike has captured the community’s attention. Within just 12 hours of Hoskinson‘s post on X, NIKE’s market capitalization soared close to $1 million, underscoring the volatile and often unpredictable crypto market dynamics. Cardano Founder Sparks New Memecoin The genesis of the NIKE token was a simple, casual tweet by Hoskinson, featuring his pet pig, Nike. The tweet rapidly captured the imagination of the Cardano community, leading to the creation of a new memecoin named NIKE. Fun Fact: I have a pig named Nike pic.twitter.com/53KeeYD1Sf — Charles Hoskinson (@IOHK_Charles) June 17, 2024 Within hours of its introduction, NIKE exhibited an astonishing surge in its valuation. According to data from TapTools, the token’s price quickly escalated. Trading metrics painted a picture of frenetic activity: the token’s price increased by an unprecedented 60,200% when it reached $0,00089. Related Reading: Crypto Analyst Lists The Cardano Developments That Will Drive ADA Price To $3 In 2024 The market’s reception to NIKE has been vibrant, with the token swiftly climbing the ranks to become one of the most actively traded within the Cardano ecosystem. As per the latest metrics by taptools.io, NIKE’s 24-hour trading volume stood at $616,000, featuring 2,304 buys and 1,432 sells. The buy volume reached $316,955 while the sell volume was slightly lower at $284,505, indicating a robust but balanced trading interest. Liquidity figures were equally compelling, with the token maintaining a pool of $47,900. The largest NIKE token holder commands a significant 19.37% of the total supply, a factor that adds a layer of risk concerning potential price manipulation or future sell-offs. This trader is followed by holders with 5.58%, 3.35% and 2.93% respectively of the 1 billion token supply. Currently, there are 668 holders of NIKE. The rapid ascent of NIKE has elicited a spectrum of reactions from the crypto community. While some enthusiasts are optimistic about the playful engagement and the potential for profit, others express concern about the speculative nature of such developments. Related Reading: Cardano and MultiversX Attend Launch Of Web3 Initiative In Geneva With Launch of Lightningbox One user commented on the phenomenon, noting, “This is everything that’s wrong with Crypto and why a lot of people will never feel comfortable investing in it.” Another user jokingly asked: “What other animals do you have?”, which would probably have initiated the creation of another memecoin if the farm owner Hoskinson had replied. Hoskinson expressed his shock and wrote via X, “I’m at a loss that a picture of my pig has resulted in a memecoin that is nearly at a million dollars in under 12 hours.” I’m at a loss that a picture of my pig has resulted in a memecoin that is nearly at a million dollars in under 12 hours. pic.twitter.com/Hzhe0qjkI0 — Charles Hoskinson (@IOHK_Charles) June 18, 2024 As NIKE continues to garner attention and trading volume, it could potentially pose a challenge to SNEK, the previously dominant memecoin in the Cardano ecosystem with a market cap of $74 million. While SNEK remains far ahead in terms of total valuation, the sudden rise of NIKE highlights the dynamic and ever-changing landscape of memecoins within the crypto market. At press time, ADA traded $0.373. Featured image from X @IOHK_Charles, chart from TradingView.com