Among the numerous memecoins that have lately surfaced on the Solana blockchain is SHROOM and it has shown massive dominance.
On March 20, the Shroom token, a memecoin with a mushroom theme but no inherent value or underlying utility; was introduced on Raydium. According to GeckoTerminal, the token’s price has dropped by more than 70% since its launch, and as of right now, its market cap is $11.88 million.
Also read: Worldcoin’s Token Price Tumbles After the Sam Altman-backed Project is Banned in Spain
According to DEXScreener, SHROOM’s price had risen by 579% in the previous day as of the time of publication. Though it had briefly reached $60 million in market capitalization, it has since declined. The market capitalization was $34.2 million as of this writing.
#Solana #memecoin Dominance on Display as #SHROOM Provides Massive Gains https://t.co/yQWvK89wi4
— Cryptolid.io (@Cryptolid_io) March 21, 2024
Massive SHROOM adoption
Trippy Labs, the team behind Shroom, stated that they appreciate the widespread participation in the $SHROOM token launch. For a significant portion of launch day, their tweets trended #1 on Twitter and received over 3 million views.
To gain as much momentum as possible, they are actively debating and ranking every piece of community input. Also, they are carefully considering every option and rely on the knowledge of their advisors to help them choose the best course of action.
April 3-5 at NFT NYC 2024 in New York and April 18–19 at TOKEN2049 in Dubai are the dates of the $SHROOM events.
However, they are currently in negotiations with a founding member of Ethereum, who greatly aided their go-to-market tokenomics and launch strategy, for a possible role as COO.
Artist Incentive
Within the Trippy Labs ecosystem, they are creating a unique claim site for over 400 artists. To inspire some of the greatest artists in the world to work together to develop Shroomates IP, they will invite every member of our roster to participate in the creation of $SHROOM lore. To express gratitude for their participation in their collective and to encourage their artistic contributions to the $SHROOM ecosystem, these artists will receive a reward from the 9% airdrop allocation of $SHROOM tokens.
$SHROOM Weekly Recap v.001
TLDR:
– $4M Presale Capped in 4 Hours to 3.7k Wallets
– $200M+ 24 Hour Trading Volume
– Telegram from 0 > 9,000+
– Twitter from 11,000 > 35,000+Dear Shroomates,
We appreciate the activity of the community! Thank you for participating in the $SHROOM… pic.twitter.com/eJGeIPpWr2
— Trippy Labs (@TrippyLabs) March 21, 2024
Trader makes $8.9 million profit
One trader made an incredible $8.9 million trading SHROOM, one of Solana’s (SOL) memecoins, in less than an hour. Lookonchain claims that the traders purchased 292.16 million SHROOM for 6,000 SOL.
The trader made the profits above when, an hour later, he sold the SHROOM for $9.93 million.
Unbelievable!😱
This guy made 51,112 $SOL($8.9M) in less than 1 hour!
He spent 6K $SOL($1.04M) to buy 292.16M $SHROOM in the same block where #Shroom deployer added liquidity.
Then sold it for 57,112 $SOL($9.93M) within an hour.
Made 51,112 $SOL($8.9M) in less than 1 hour!… pic.twitter.com/IHzLVdX8rZ
— Lookonchain (@lookonchain) March 20, 2024
Within the cryptocurrency community, there were accusations of insider trading due to the unusual timing of the profitable trade. Blockchain Maxi, an X user, replied to Lookonchain’s post saying that insider trading is the term for it.
It's called Insider Trading. You can never win with new memes, don't even try.
— Blockchain Maxi (@Block_Maxi) March 20, 2024
Retail interest in memecoins keeps growing
According to CoinMarketCap data, the recently launched meme token Book Of Meme (BOME) is up more than 1,100% on the weekly chart and is currently the 130th-largest token with a $617 million market capitalization.
The Book of Meme token is part of a new wave of memecoins that were funded through a contentious presale model for unreleased coins. Over $100 million worth of SOL was raised in the three days preceding March 18 through presales of these Solana-based memecoins.
and then