Cypher
BlockchainCrypto WalletsCryptocurrencyNews

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.

Cypher

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.

📰 Also read:  Price of Bitcoin Cash Continues to Peak, Hits New All-Time-High

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.

📰 Also read:  FTX Insolvency Lead Disapproves Bankman-Fried's Unrealistic Defence Citing Bitcoins Missing  

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.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Lawsuit Targets Binance For Supporting Hamas And Islamic Jihad Funding

Cypher

Brenda Collins

Brenda Collins is a seasoned crypto news writer with a deep passion for blockchain technology and its transformative potential. With years of experience in the industry, she has honed her skills in delivering concise and insightful analysis, making complex concepts accessible to a wide audience. Brenda's dedication to staying up-to-date with the latest developments in the crypto world ensures her readers receive accurate and timely information.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content