Solana is definitely the headliner of what has been happening in the crypto market over the past year and a half. Apart from the fact that SOL itself, a native blockchain token, has literally risen from the dead after the FTX crash and is now approaching the $100 billion mark in market capitalization, Solana has become the platform where the most interesting events are taking place.
One of these can be called the meme cryptocurrency season, where hundreds and thousands of new tokens are deployed on the blockchain every day, and it’s never been easier to create them. Every day, new narratives emerge, some of which then wane and some of which stay alive – like cat meme cryptocurrencies.
One such coin is GINNAN, a meme token created in honor of the cat of Kabosu Mama, the owner of the Shiba Inu that became world famous thanks to the DOGE meme and later gave birth to Dogecoin.
What’s going on?
The cat itself was already known, but the meme token with it only appeared 2 days ago. This is due to the fact that the owner of DOGE got a new dog and the attention of all the degens went to this area. Since its appearance, the token has managed to grow to a mark of $70 million.
Then, however, there was a sell-off by those who managed to buy GINNAN before all the hype and the price of the token fell by 45%.
What will happen next with the cat token is an open question. Meme cryptocurrencies are very risky and rarely survive, but there are successful examples. In any case, the crypto market never ceases to amaze.