cryptonews.net
Recently, a new niche has emerged among memecoin traders: coins named after countries. In anticipation of the Olympic Games in Paris in July, investors are betting that the event will boost the prices of various country tokens. A dashboard created by the X user identified as The Nouner is tracking 47 different country coins, which registered a trading volume of almost $18 million in the last 24 hours, and have a shared total market cap of nearly $110 million.
American Coin (USA) has a valuation close to $83 million, which is the largest market capitalization of all. According to DEX Screener, the price of the USA coin increased by more than 74,000% from its inception on March 14 to its peak on May 4. China Coin (CHINA) is the second largest coin named after countries with a market capitalization of $5.8 million. However, CHINA has seen a 23,000% increase since its inception to its all-time high recorded on March 14th.
Looking at the last 24 hours, the newly released Palestine Coin (PALESTINE) is showing the most significant growth as it has jumped 764% at the time of writing. France Coin (FRA) and UK Coin (UK) also saw corresponding growth over this period, increasing by 120% and 145% respectively. The list of country coins even includes the Olumpec Terch (OLUMPC) meme coin, which combines the Olympics narrative with the trend of meme coins spelling names wrong. From the creation of its liquidity pool until its all-time high registered on May 5, OLUMPC soared 6,400%.
Image: Crypto Briefing