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- Binance’s bull emoji tweet sparked a frenzy in meme token trading, driving up prices rapidly.
- Mumu, the Bull token based on Solana, surged in popularity, amassing a $40 million capitalization.
On March 21, 2024, Binance, the leading cryptocurrency exchange, tweeted a single bull emoji, triggering a surge in the animal-themed meme token MuMU trade price. This increase was a reflection of the speculative enthusiasm and optimism that surrounded the cryptocurrency space.
This tweet, which initially seemed straightforward, generated more positive market sentiment, particularly among traders of meme tokens. Within an hour, MUMU’s value surged by more than thirteen percent due to an innocent tweet on Binance’s official social media account that included a bull emoji.
🐂
— Binance (@binance) March 21, 2024
As with other instances where Binance’s social media signals coincided with significant price movements in other assets, this rise raised questions and prompted speculation among enthusiasts of cryptocurrencies. Before Binance’s tweet shifted the sequence of events, MUMU, a token that started as a Solana-based cryptocurrency ten years ago, had been quietly moving through the market at steady values for the previous three months.
MUMU’s trading volume surged to $4.1 million due to the sudden spike, and it further enhanced its market appeal by earning an exceptional 99 out of 99 DEXTscore rating on DEX Tools. Currently trading at $0.00000008205, MUMU experienced a significant 17% surge in the past 24 hours, accompanied by a 13% increase in trading volume, reaching $202,.
Its market capitalization soared to $7,795,624, signaling heightened market activity and investor interest. Technical indicators suggest bullish sentiment, with a Fear & Greed Index reading of 74 (Greed), and analysts foresee a further 29.87% increase in MUMU’s price by the end of March 2024, projecting a potential price of $0.00000002033.
Meme Token Trend and Risks
In January, a comparable situation occurred with the Dogwifhat (WIF) token, which heightened market attention toward Binance’s social media engagement. As many know, WIF was listed on a renowned exchange, leading to a surge in its price to $3.3 and a market capitalization surpassing $3 billion. Additionally, it is notable that there’s a significant surge in the creation of new tokens on the Solala network. Recent data indicates that the Solana network has witnessed an average of 7.8k new SPL tokens being introduced daily over the past few weeks.
Meme token trade prices have skyrocketed, evidence of the enormous enthusiasm around meme cryptocurrency. The low entry barrier has prompted a large number of investors to commit modest sums of money to these tokens, leading to an increase in market activity.
Crypto detective ZachXBT has been at the forefront of uncovering fraudulent activities within the crypto space. Recent reports have highlighted that amidst the excitement surrounding Mumu and similar meme tokens, concerns have arisen regarding the growing number of bad actors within the space. Reports have highlighted instances of fraudulent pre-sale offerings and token launches, emphasizing investors’ need to exercise vigilance and due diligence. These incidents are stark reminders of the risks of investing in meme tokens and underscore the crucial importance of due diligence.
2/ TICKER launched a presale on March 16 raising a total of 877 ETH ($3.19M) via Party App on Base.
The token distribution was supposed to be: 24% LP, 71% presale/airdrops, 1% early contributors, 4% reserved for errors.
The team was fully anon. pic.twitter.com/HdgI36Mtln
— ZachXBT (@zachxbt) March 21, 2024
