Winnie The Pooh-Themed Coin Soars 46% As Memecoins Continue To Soar Despite Bearishness Seen In Bigger Cryptos Like Bitcoin, Ethereum, Dogecoin

A cryptocurrency themed around the adorable Winnie the Pooh character has boosted the fortunes of its holders after raking in big gains lately.

What Happened: POOH POOH/USD, created solely for entertainment purposes, jumped 46% in the last 24 hours, according to CoinMarketCap data. Over the past week, its value has more than doubled. 

With the parabolic lift, the token's market cap surged past $17 million. Around $3.42 worth of trades involving POOH were executed in the last 24 hours, marking an increase of 17.66%. The surge comes at a time when the more popular currencies like Bitcoin BTC/USD, and Ethereum ETH/USD and Dogecoin DOGE/USD exhibited sluggishness.

Despite having a substantially lower valuation when compared to top meme coins, the Ethereum- based coin’s trajectory over the year piqued interest. 

POOH exploded immediately after its launch last year but crashed soon after. It survived the bear market with little to offer until March's memecoin frenzy roused it from hibernation. Since then, it has surged more than 5X in value. 

Currently, the enthusiasm in the community is soaring over a proposal to burn 13 Ether worth of POOH, worth about 4.4% of its total supply. Typically, such events deflationary pressure to the asset.

I have a draft proposal to burn nearly 2 Trillion $POOH 🔥

Full transparency: the proposal sends funds my wallet and I will do the $POOH burn.

I've been in the $POOH community since the beginning. I also have more $POOH than we are burning. LFG 🔥 https://t.co/RBizJWLjXE

— haspoohla (@haspoohla) May 20, 2024

Why It Matters: Memecoins have had a field day in 2024, as overall sentiment for the cryptocurrency market improved drastically, 

POOH seems to be cashing in on the frenzy, supported by a loyal community and a general likeness for the legendary animated character.

The coin specifically states that it is "useless," with no intrinsic value or expectation of financial return. 

That said, a coin of a similar nature, Pepe PEPE/USD, has returned 842% to its holders over the year.

Memecoins have had a history of wild fluctuations, hence DYOR before investing. 

Price Action: At the time of writing, POOH was trading at $0.00000004187, up 46% in the last 24 hours, according to CoinMarketCap.

Photo Courtesy: Raul Pongasi Berame On Shutterstock.com

Read Next: Ethereum Spot ETF’s Approval Highlights Its ‘World Of Warcraft’ Origins: Created Because A Character Had Its ‘Warlock Powers Nerfed’