The craze for meme coins shows no signs of stopping, as a new token surprisingly gains significant traction within a short period. No Meme Token ($NOMEME) was launched only an hour ago and has already experienced a staggering 700% increase on Uniswap. This sudden interest in the token is largely due to a tweet from Elon Musk, CEO of Twitter, Tesla, and SpaceX. Musk shared an image of a Milady Maker, a popular non-fungible token (NFT) collection on OpenSea, with the caption “There is No Meme” and “I Love You”. This tweet led to an immediate spike in the Milady Maker collection’s price floor.
Before exploring the potential of No Meme Token, it is essential to understand the current state of the market. Milady Maker’s price floor increased significantly, from under 4 ETH to around 5.4 ETH, in just a day, according to NFT Price Floor. Based on Musk’s tweet, No Meme Token’s name is derived from the caption he imposed on the Milady Maker NFT image.
No Meme Token has quickly established a simple website where visitors can connect their wallets to buy the token through a Uniswap embed, with the sole text “$NOMEME” and the question, “Why you no love meme no more?” According to DEX Tools, the token has already amassed a market cap of approximately $6.7 million, trading volumes exceeding $12.5 million, and nearly $4.1 million in Uniswap liquidity. Such rapid establishment sets a robust foundation for the token.
Looking at other meme coins that have experienced substantial gains recently, like Pepe coin and SpongeBob, $NOMEME could potentially achieve even greater heights if the hype surrounding it spreads further across social media platforms. For context, Pepe coin presently boasts a market cap of around $777 million, and SpongeBob’s market cap is near $24 million.
Given Elon Musk’s massive following on Twitter, it is not implausible for $NOMEME to experience a 10x increase in the near future. Any meme or joke that Musk shares has the potential to perform well in the short term, primarily due to his influence. However, investors must remain cautious and vigilant in such a volatile market, keeping in mind both the potential rewards and risks associated with meme coins.
Source: Cryptonews
