Myra (CRYPTO: MYRA) has surged to a market capitalization of over $5 million within the first 48 hours of trading, riding on the coattails of Myro's success, which went to $100M market cap in 60 days.
What Happened: The Solana (CRYPTO: SOL)-based dog coin started trading on Jan. 13, 2023, and pumped almost 69.000% in the next 24 hours. It is making a push for a spot among Solana's top memecoins, such as Bonk (CRYPTO: BONK), dogwifhat and Myro.
Dubbed as "the woman behind MYRO," the meme cryptocurrency has experienced a substantial inflow from crypto investors, as indicated by over $4.5 million in trading volume in the last 24 hours.
Why It Matters: Myra's meteoric rise in value within a couple of days has positioned it as the potential next big thing in the world of Solana-based memecoins.
In contrast to other major dog coins like BONK and Myro, Myra is not yet listed on any centralized exchange (CEX).
With its current market capitalization at $2.1 million, a further rise in popularity of Myra may lead to its listing on centralized exchanges, potentially driving up its price even further.
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What's Next: DANNY, a self-proclaimed degen, said that people are thinking Myra won't get to $10 million market capitalization because it's a derivative and underestimating the bull run. He further stated on his X account:
"Baby doge is a deriv of $doge, in 2021 it hit $800million, 2 years later and it’s still sitting at $190m � That’s the power of a good team, $Myra team is based 💯."
Another X user, "The Wolf Of Crypto Streets," stated on his X account that "Solana whales like $MYRA very much."
Lookonchain, a crypto analytics firm which identifies the movement of smart money on-chain, noticed:
In just 1 day, this trader turned 3 $SOL into 1,703 $SOL ($170K), a gain of 567x!😱
— Lookonchain (@lookonchain) January 14, 2024
He spent 3 $SOL to buy 61.8M $MYRA within 5 seconds of opening trading, then sold 33M $MYRA for 603 $SOL.
He currently holds 28.74M $MYRA(worth 1,100 $SOL).
The profit is ~1,700 $SOL ($170K)! pic.twitter.com/guTUXtnd97
Read Next: Dogwifhat On Fire With 125% Gains After ByBit Listing: 'WIF Is The Next BONK' Says Analyst
Photo: Shutterstock
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