STONKS Meme Coin Surges 205% in 24 Hours, Market Cap Tops $70M
The market capitalization of STONKS, a Solana-based meme coin, briefly surpassed $70 million before retreating to $58.6 million, according to GMGNmarket data. The coin experienced a 205% increase in price over a 24-hour period, with a trading volume of $107 million during the same time frame.
This recent surge in STONKS' market cap follows a previous incident on January 23rd, when a Nasdaq-affiliated account was compromised and used to promote the STONKS token. As a result, the coin's market cap temporarily reached $20 million before plummeting over 99% after the hack was confirmed.
Meme coins, such as STONKS, often lack practical use cases and are known for their significant price volatility. Investors should approach these assets with caution, as they can be highly speculative and risky.
