Silly Dragon, the Solana-based memecoin, experiences an impressive 300% weekly surge.
Silly Dragon, a newly launched memecoin built on the Solana blockchain, has shown a significant surge in value. The market capitalization of Silly Dragon (SILLY) has now surpassed $140 million, while its price has reached $0.147. This indicates a notable 36% increase in the past 24 hours and an impressive 300% rise over the course of the last week. Furthermore, the token has received an additional boost with its recent listing on KuCoin, which has contributed to its trading volume.
Silly Dragon, which was introduced on December 16th, has quickly gained popularity among memecoin enthusiasts. The inspiration behind the token can be traced back to Halloween, when Anatoly Yakovenko, the co-founder of Solana, attended a conference dressed as a dragon.
Despite its recent success, it is important for investors to note that the smart contracts associated with SILLY have not yet been verified. This verification process is crucial for ensuring security and transparency, and investors should take this into consideration.
The distribution of the token reveals that the top ten currency holding addresses, excluding those of centralized exchanges (CEX), currently own 18.5% of the total SILLY tokens. These holders are reportedly experiencing an average floating profit that is 30 times their initial investment.
The rise of SILLY coincides with a broader upswing in the Solana ecosystem. The native token of Solana, SOL, has seen a 35% increase in value over the past week. Additionally, other prominent Solana-based tokens such as Chainlink, The Graph, and Render have also witnessed growth, with each recording a rise of over 10% this week.
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