Myra MYRA/USD has surged to a market capitalization of over $5 million within the first 48 hours of trading, riding on the coattails of Myro's success, which went to $100M market cap in 60 days.
What Happened: The Solana SOL/USD-based dog coin started trading on Jan. 13, 2023, and pumped almost 69.000% in the next 24 hours. It is making a push for a spot among Solana's top memecoins, such as Bonk BONK/USD, dogwifhat and Myro.
Dubbed as "the woman behind MYRO," the meme cryptocurrency has experienced a substantial inflow from crypto investors, as indicated by over $4.5 million in trading volume in the last 24 hours.
Why It Matters: Myra's meteoric rise in value within a couple of days has positioned it as the potential next big thing in the world of Solana-based memecoins.
In contrast to other major dog coins like BONK and Myro, Myra is not yet listed on any centralized exchange (CEX).
With its current market capitalization at $2.1 million, a further rise in popularity of Myra may lead to its listing on centralized exchanges, potentially driving up its price even further.
Read Also: WYNN Vs. Dogecoin Vs. Shiba Inu: Can Drake's Coin Beat The Dogecoin Superstars?
What's Next: DANNY, a self-proclaimed degen, said that people are thinking Myra won't get to $10 million market capitalization because it's a derivative and underestimating the bull run. He further stated on his X account:
"Baby doge is a deriv of $doge, in 2021 it hit $800million, 2 years later and it’s still sitting at $190m � That’s the power of a good team, $Myra team is based 💯."
Another X user, "The Wolf Of Crypto Streets," stated on his X account that "Solana whales like $MYRA very much."
Lookonchain, a crypto analytics firm which identifies the movement of smart money on-chain, noticed:
In just 1 day, this trader turned 3 $SOL into 1,703 $SOL ($170K), a gain of 567x!😱
— Lookonchain (@lookonchain) January 14, 2024
He spent 3 $SOL to buy 61.8M $MYRA within 5 seconds of opening trading, then sold 33M $MYRA for 603 $SOL.
He currently holds 28.74M $MYRA(worth 1,100 $SOL).
The profit is ~1,700 $SOL ($170K)! pic.twitter.com/guTUXtnd97
Read Next: Dogwifhat On Fire With 125% Gains After ByBit Listing: 'WIF Is The Next BONK' Says Analyst
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.