The cryptocurrency market witnessed another meme coin frenzy as Coby (COBY), a Solana-based meme coin, surged over 500% in a single day.
According to data from CoinGecko, COBY is currently trading at $0.009446, marking a staggering 500% increase in just 24 hours. The token’s meteoric rise doesn’t stop there – it’s up 153% over the past week and has gained an impressive 267% in the last 30 days.
COBY hits a new ATH amidst market turmoil
COBY hit its all-time high of $0.01325 on October 4, 2024, and despite a slight pullback, it’s still trading at levels higher than other coins amidst the current market conditions.
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COBY was trading at its all-time low of $0.0007194 just two months ago, on August 14, 2024. Investors who bought at the bottom and held on have seen their holdings multiply by over 1,248%.
The Solana ecosystem, known for its high-speed and low-cost transactions, has become a breeding ground for meme coins looking to replicate the success of other meme coins.
COBY’s surge has pushed its market capitalization above $12 million, as reported by SolanaFloor. This is a major milestone for a token that was virtually unknown just weeks ago.
Meme coins often gain traction through social media hype and community-driven marketing. The fear of missing out (FOMO) can drive prices to eye popping heights in short periods.
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However, it’s crucial for investors to approach such explosive growth with caution.
