A memecoin inspired by Cardano founder Charles Hoskinson’s pet pig Nike has caught the community’s attention. Within just twelve hours of Hoskinson’s post on
Cardano Founder Launches New Memecoin
The genesis of the NIKE token was a simple, informal tweet from Hoskinson, featuring his pet pig, Nike. The tweet quickly captured the imagination of the Cardano community, leading to the creation of a new memecoin called NIKE.
Fun fact: I have a pig named Nike pic.twitter.com/53KeeYD1Sf
— Charles Hoskinson (@IOHK_Charles) June 17, 2024
Within hours of its launch, NIKE posted an astonishing price increase. According to data from TapTools, the token’s price escalated quickly. Trading statistics painted a picture of frenetic activity: the token’s price rose by an unprecedented 60,200% when it reached $0.00089.
Related reading
The market’s reception to NIKE was vibrant, with the token quickly climbing the rankings to become one of the most actively traded tokens within the Cardano ecosystem. According to the latter statistics According to taptools.io, NIKE’s 24-hour trading volume was $616,000, with 2,304 buys and 1,432 sells. Buying volume reached $316,955, while selling volume was slightly lower at $284,505, indicating robust but balanced trading interest.
The liquidity numbers were equally compelling, with the token maintaining a pool of $47,900. The largest NIKE token holder controls a significant 19.37% of the total supply, a factor that adds a layer of risk regarding potential price manipulation or future sell-offs. This trader is followed by holders with 5.58%, 3.35% and 2.93% of the 1 billion token supply respectively. There are currently 668 NIKE holders.
NIKE’s meteoric rise has provoked a spectrum of responses from the crypto community. While some enthusiasts are optimistic about the playful involvement and profit potential, others express concern about the speculative nature of such developments.
Related reading
One user commented on the phenomenon, noting: “This is everything that is wrong with Crypto and why many people will never feel comfortable investing in it.” Another user jokingly asked, “What other animals do you have?”, which would likely have sparked the creation of a new memecoin if the owner of the Hoskinson farm had answered.
Hoskinson expressed his shock, writing via
I don’t understand how a picture of my pig has resulted in a memecoin worth almost a million dollars in less than 12 hours. pic.twitter.com/Hzhe0qjkI0
— Charles Hoskinson (@IOHK_Charles) June 18, 2024
As NIKE continues to garner attention and trading volume, it could potentially pose a challenge to SNEK, the previously dominant memecoin in the Cardano ecosystem with a market cap of $74 million. While SNEK remains far ahead in terms of overall valuation, the sudden rise of NIKE highlights the dynamic and ever-changing landscape of memecoins within the crypto market.
At the time of writing, ADA was trading at $0.373.
Featured image by X @IOHK_Charles, chart from TradingView.com
