The world of digital currency continues to attract attention, and sometimes it’s the unusual tokens that steal the spotlight. Pick or Rick (RICK) token, a meme coin inspired by Adult Swim’s cartoon Pickle Rick, has experienced a staggering 16,000% increase within 24 hours of its launch on June 2nd. The RICK/WETH pair even made it to the top ten hot pairs on DEXTools and trended higher than Pepe (PEPE).
Although it is common for newly listed meme coins with low market caps and few holders to experience significant fluctuations, the rise of Pick or Rick token is undoubtedly a spectacle. And with only 467 holders currently, many are wondering how far this token will go. However, some have speculated that a tweet by Elon Musk may have fueled the hype surrounding Pick or Rick.
It is important to note that meme coins often emerge in response to things celebrities say or do without their direct involvement. While it’s unlikely that Musk is behind or even aware of Pick or Rick token, his tweet mentioning Pickle Rick may provide ammunition for detractors accusing him of insider trading of Dogecoin (DOGE). This wouldn’t be the first time Musk has faced such allegations, having been previously accused of market manipulation.
Interestingly, following Musk’s tweet, a recently created @pickorrick Twitter account appeared, lightheartedly claiming that it was their doing. Similar situations have occurred in the past, such as the SLUTS crypto token ($SLUTS) gaining traction shortly after Andrew Tate sparked controversy for calling crypto traders “sluts” for “gambling on shitcoins.”
Although it is unclear how well the $RICK token will perform in the long run, it is worth noting that Elon Musk has also tweeted directly at the account of an upcoming meme token, Wall Street Memes (WSM). While he may not be aware of their crypto project, Musk replied to memes posted by the @wallstmemes account and tagged their handle when replying to the Shiba Inu founder Shibetoshi Nakamoto.
With the wallstmemes.com presale raising over $3 million in just a week, it is clear that interest in meme coins is at an all-time high. The wild fluctuations experienced by tokens like Pick or Rick, however, serve as a reminder that while they may garner public interest and generate massive growth, their stability and long-term success are far from guaranteed. In a world where crypto enthusiasts seek the next big thing, it’s worth approaching meme coins with a healthy dose of skepticism while keeping an eye on their potential for growth.
Source: Cryptonews
