Elon Musk Attempts Pumping Meme Coins, Tweets About Pickle Rick
$RICK coin has emerged as the most popular asset at the moment. This development occurred following a recent tweet from Elon Musk on the Pickle Rick coin; the meme coin has been trending on DEXTools, a popular site for monitoring decentralized exchanges.
A new development in the cryptocurrency industry has been the advent of meme coins, and Wall Street Memes, a project that emphasizes the communal nature of meme coins, has been at the forefront of this movement. With over $3.3 million raised, Wall Street Memes has generated interest in other meme coins like $RICK.
Investigating the origin of $RICK reveals that it is a seasoned participant in the Bitcoin market. Although the exact launch date of the coin is still being determined, available data showed that it had maintained a steady price graph since it was first introduced in 2013, until recently, when Elon Musk took interest.
As of the time of writing, RICK and WETH made it on the list of top 10 hot coins on the DEXTools platform today, taking over Pepe (PEPE) to hit the #1 spot. According to Cryptonews James Spillane, trading on $RICK opened on June 2nd at 22:00 UTC and had only 467 holders prior to Musk’s tweet.
Elon Musk has been known to tweet about meme coins, and his tweets have significantly influenced their price. PEPE is one of the most popular meme coins on the market and because other meme coins have used its success as a standard.
Market Reacts To $RICK, As The Coin Experiences Increased Activities
Many traders believe Elon Musk’s post regarding Pickle Rick was an attempt to boost the price of $RICK, and the trader’s response to the tweet was quite predictable. According to the NewsDirect cryptocurrency price tracker, the price of Pepe coin shrunk by 62%, a situation that left experts and market speculators raveled.
This development made way for $RICK Coin, which took over Pepe with 100x leverage on major trading platforms. Meanwhile, views from different quarters have started to dish out warnings to a traders on the vulnerability of meme coins.
Utulu Hope from BSC News warned that despite the sudden surge in price, meme coins are frequently erratic and susceptible to a wide range of influences beyond their intrinsic value. Hope, in his recent article, explained that the rapid growth of $RICK is evidence of the expanding popularity of meme coins in the cryptocurrency community.
At the moment, $RICK’s dominance over PEPE remains significant to the rest of traders, but it’s sustained success over PEPE performance is yet to be seen. Meanwhile, it’s not yet clear why Elon Musk may have posted the Pickle Rick tweet to boost the price of $RICK, but many traders believe it may simply be a conjecture.
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