The “BITCOIN” cryptocurrency has skyrocketed by over 300% in value over the past week – gains the world’s largest cryptocurrency could only hope to gain through a massive influx of investor capital.
That said, a closer look shows that’s not exactly what happened.
“BITCOIN” is actually the ticker symbol for a relatively new meme token, called HarryPotterObamaSonic10Inu (ERC-20).
Data from CoinMarketCap shows that the token is suddenly generating over $14 million in daily volume, mostly on UniswapV2 on Ethereum.
“HarryPotterObamaSonic10Inu (Ticker: BITCOIN) is an endgame of crypto-assets (0 Tax),” reads the token’s description. “BITCOIN incentivizes the creation of novel and entertaining meme content.”
The token’s value suddenly began to rise starting last week, from just $0.015 on July 13 to a high of $0.09 on July 20. It trades for $0.067 at writing time, with an estimated market cap of $66 million.
The coin launched in mid-May, around the time that a mountain of memecoins began rallying in light of Pepe (PEPE)’s rise to prominence.
It was also when BRC20 tokens started to popularize as a means of launching meme tokens on the actual Bitcoin (BTC) blockchain.
Spinoff coins are nothing new and have at times seen some success. Shiba Inu (SHIB) was launched in 2020 as a spinoff of Dogecoin (DOGE), and briefly overtook the latter’s market cap roughly one year later.
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