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Charles HOSKINSON, the creator of Cardano, posted a photo of his pet pig, Nike, on social network X. This simple post quickly led to the creation of a new memecoin called NIKE. The NIKE coin, inspired by Hoskinson’s pig, quickly gained popularity. It currently has a market capitalization of 1.72 million ADA, or about $650,000. Additionally, its trading volume reached 1.51 million ADA, making it the third most traded token in the Cardano ecosystem over the past day.
Hoskinson expressed his surprise eight hours after his first post, noting that he was “stunned” that a photo of his pig led to memecoin approaching a million dollars in less than 12 hours. As NIKE gains momentum, it is challenging another popular memecoin in the Cardano ecosystem, SNEK. SNEK, the largest memecoin in the ecosystem, has a market capitalization of $74 million and a trading volume of $607,179. NIKE’s rapid growth raises the question of whether it can surpass SNEK in popularity and value.
The Cardano ecosystem may now see increased memcoin competition, with NIKE becoming a strong contender to established tokens such as SNEK. As the ADA community watches this new development, many are interested to see if the pig-themed coin can overtake its snake-themed counterpart. This event further demonstrates the community’s enthusiasm and the impact of attention on market trends.
Image: CryptoRank