A new meme coin, CHUCK CHUCK/USD, built on Ethereum ETH/USD, surged 25,800% in value only hours after its launch on Tuesday, eclipsing the performance of top meme cryptocurrencies like Dogecoin DOGE/USD and Shiba Inu SHIB/USD.
What Happened: Data from Dexscreener shows CHUCK with a market capitalization of $4.16 million, with liquidity reported at $488,100. The circulating supply of CHUCK tokens stands at 42 billion, with a total holder count of 361 individuals.
At the time of writing, DOGE and SHIB were up 2-4% in the last 24 hours.
The trading volume for CHUCK in the last 24 hours has reached over $6.62 million.
The official website for CHUCK describes the meme coin as “the strongest of all memes. Dogs, frogs, cats, and shady players—your time is over! CHUCK is here to save the meme-fest and claim his top spot in the meme hierarchy."
Moreover, the website clarifies that the meme coin has no formal association with the martial artist and actor Carlos Ray “Chuck” Norris Jr. or his representatives. The site notes that ‘CHUCK’ is: "Inspired by the legendary internet saga surrounding Chuck Norris, created by fans to celebrate the spirit of his character."
See More: Best Cryptocurrency Scanners
Why It Matters: CHUCK differentiates itself by launching on the Ethereum network, unlike many other meme coins that have found a home on the Solana blockchain, carrying the slogan: "Make Ethereum Great Again."
The Solana blockchain is well-known for its promise to deliver faster and more cost-efficient transactions than its competitors, such as Ethereum.
It has become a platform for hosting meme coins like dogwifhat WIF/USD, Bonk BONK/USD, and Book of meme BOME/USD. These tokens primarily derive their value from their viral appeal on the internet. However, the meme coin trend has boosted Solana with increased activity and liquidity, it has also exposed some of the network’s technical issues, leaving investors and several traders disappointed.
CHUCK's launch on ETH is due to its extensive and vibrant community of users and developers, which lays a perfect foundation for the growth of meme coins and leads to strong collective support for these assets.
Moreover, as a time-tested blockchain, Ethereum ensures a trustworthy and robust framework for conducting meme coin transactions—a vital aspect for attracting investments and maintaining the continuity of these initiatives.
It is worth noting that some of the top meme coins, Such as FLOKI, SHIB, and PEPE, are Ethereum-based.
Price Action: At the time of writing, CHUCK was trading at $0.0001006.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 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.
