WHY memecoin: Can it be the next Dogecoin after touching $100M?

WHY Memecoin Gains Traction, Reaching Above $100 Million Market Cap

Introduction

WHY, an elephant-themed memecoin, recently entered the spotlight after achieving a market cap of over $100 million. This article explores the details behind this surge, including its association with the BNB chain and its tokenomics.

Market Cap Milestone

On July 22nd, WHY's market cap reached an all-time high of $100 million, driven by a significant upward movement. This achievement propelled the coin to new heights, warranting further analysis.

Price Recap

WHY's impressive market cap gain resulted in a 50% increase from its daily low of $0.0000002194. The rally reached a peak of $0.0000002491, establishing a new all-time high. However, its price action subsequently retreated, shedding approximately $7.4 million from its market cap.

Recent Performance and Influx

While the recent 24-hour performance exhibited signs of a pump and dump, a broader view of its weekly performance reveals a sustained rally for the past seven days. WHY continues to trade at a premium of 31% over the past week, despite the recent price decline.

Data from Lookonchain suggests that new wallet addresses have been created and utilized to purchase WHY using BNB withdrawn from Binance. This activity raises the possibility that the recent surge may have been driven by an intentional effort to garner attention for the memecoin.

BNB Chain Involvement

WHY holds a unique distinction as the first memecoin funded by the BNB chain through its Meme Heroes LP support initiative. This initiative aims to foster the growth of memecoins on the BNB chain, potentially setting it apart from other networks like Solana.

Community and Tokenomics

WHY boasts an active community on Twitter with over 23,000 followers. In terms of tokenomics, WHY has a circulating supply of 420 trillion tokens.

Potential and Future Outlook

If the current hype continues, WHY could potentially replicate the success of Dogecoin in its early stages. However, its limited availability on exchanges, excluding major platforms, may hinder its broader appeal. Future listings on major exchanges could significantly enhance its liquidity and exposure. Additionally, its association with the BNB chain suggests the possibility of a Binance listing in the future.