Cardano Founder’s Pig NIKE Sparks Memecoin Craze, Market Cap Nears $1 Million

Jake Simmons

Last Updated: June 18, 2024 1:00 pm

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

A memecoin inspired by Cardano founder Charles Hoskinson’s pet pig Nike has captured the community’s attention. Within just 12 hours of Hoskinson‘s post on X, NIKE’s market capitalization soared close to $1 million, underscoring the volatile and often unpredictable crypto market dynamics.

Cardano Founder Sparks New Memecoin

The genesis of the NIKE token was a simple, casual tweet by Hoskinson, featuring his pet pig, Nike. The tweet rapidly captured the imagination of the Cardano community, leading to the creation of a new memecoin named NIKE.

Fun Fact: I have a pig named Nike pic.twitter.com/53KeeYD1Sf

— Charles Hoskinson (@IOHK_Charles) June 17, 2024

Within hours of its introduction, NIKE exhibited an astonishing surge in its valuation. According to data from TapTools, the token’s price quickly escalated. Trading metrics painted a picture of frenetic activity: the token’s price increased by an unprecedented 60,200% when it reached $0,00089.

The market’s reception to NIKE has been vibrant, with the token swiftly climbing the ranks to become one of the most actively traded within the Cardano ecosystem. As per the latest metrics by taptools.io, NIKE’s 24-hour trading volume stood at $616,000, featuring 2,304 buys and 1,432 sells. The buy volume reached $316,955 while the sell volume was slightly lower at $284,505, indicating a robust but balanced trading interest.

Liquidity figures were equally compelling, with the token maintaining a pool of $47,900. The largest NIKE token holder commands a significant 19.37% of the total supply, a factor that adds a layer of risk concerning potential price manipulation or future sell-offs. This trader is followed by holders with 5.58%, 3.35% and 2.93% respectively of the 1 billion token supply. Currently, there are 668 holders of NIKE.

The rapid ascent of NIKE has elicited a spectrum of reactions from the crypto community. While some enthusiasts are optimistic about the playful engagement and the potential for profit, others express concern about the speculative nature of such developments.

One user commented on the phenomenon, noting, “This is everything that’s wrong with Crypto and why a lot of people will never feel comfortable investing in it.” Another user jokingly asked: “What other animals do you have?”, which would probably have initiated the creation of another memecoin if the farm owner Hoskinson had replied.

Hoskinson expressed his shock and wrote via X, “I’m at a loss that a picture of my pig has resulted in a memecoin that is nearly at a million dollars in under 12 hours.”

I’m at a loss that a picture of my pig has resulted in a memecoin that is nearly at a million dollars in under 12 hours. pic.twitter.com/Hzhe0qjkI0

— Charles Hoskinson (@IOHK_Charles) June 18, 2024

As NIKE continues to garner attention and trading volume, it could potentially pose a challenge to SNEK, the previously dominant memecoin in the Cardano ecosystem with a market cap of $74 million. While SNEK remains far ahead in terms of total valuation, the sudden rise of NIKE highlights the dynamic and ever-changing landscape of memecoins within the crypto market.

At press time, ADA traded $0.373.

Cardano price — ADA price, 1-day chart | Source: ADAUSD on TradingView.com

Featured image from X @IOHK_Charles, chart from TradingView.com

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.