Unveiling Myro: A 450% Surge in 2024 – What’s Behind the Phenomenon?

The value of Myro has experienced a substantial drop of nearly 15% within the last 24 hours, interrupting its notable upward trend throughout the year.
Based on data from CoinMarketCap, the price of Myro has surged from $0.02243 on January 1st to $0.1232, signifying a remarkable price increase of around 450%. Additionally, the coin has seen a year-to-date increase of 3,030%. TradingView has given the coin a buy rating and a neutral RSI of just under 44.
According to CoinCarp data, Myro currently boasts slightly less than 14,700 holders, with the top ten holders alone possessing over 26% of the coin. This indicates that more than one-quarter of the token’s current market cap of $112 million is owned by just ten holders, amounting to over 29 million tokens. Moreover, the top 50 holders possess nearly half of all Myro tokens.
Myro, a memecoin, takes its name from the dog owned by Solana founder Raj Gokal. The token’s website states that it caters to the growing demand for dog-themed narratives within the cryptocurrency space.
To acquire Myro, the officially recommended method is to download the Phantom wallet, purchase SOL (the native currency of Solana), and then exchange it for the memecoin through a decentralized exchange. This approach is intertwined with the broader Solana ecosystem, which is likely contributing to Myro’s growth.
Over the past year, Solana has experienced significant growth, with its price increasing by 316% and currently standing at $97, after reaching a peak of $121 in late December 2023. The total value locked within the Solana decentralized finance ecosystem, which Myro relies on, has steadily increased from $326 million at the beginning of October to its current valuation of $1.3 billion, representing a 322% increase.
For more information, please visit CoinCarp.