WYNN For The Win: Drake's Memecoin Up 152% In 24 Hours, Puts Shiba Inu, Dogecoin In Their Places

Zinger Key Points
  • WYNN, a Drake-related memecoin, further surged in value, peaking at almost $60 million in market.capitalization in short time.
  • Established coins like Dogecoin and Shiba Inu fail to keep up with Solana-based memecoins going on strong runs.

WYNN WYNN/USD, 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.

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 SOL/USD 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 DOGE/USD and Shiba Inu SHIB/USD 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 ETH/USD, up 11.6% during the same timeframe.

Read Also: Will This Meme Coin Make You Rich? Avalanche's Mystery Collection Could Change Your Fortune

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

 

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

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyMarketsDogcoinDrakememecoinMemeCoins
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!