Bitcoin Soared 300% in One Week… But It’s Definitely Not What You Think

The value of the “bitcoin” cryptocurrency has soared by more than 300% over the past week – the world’s largest cryptocurrency can only hope to make gains through a massive inflow of investor capital.

As stated, a closer look reveals that this is 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.

• The token’s description reads, “HarryPotterObamaSonic10Inu (ticker: bitcoin) is an endgame of crypto-assets (0 tax).” “Bitcoin incentivizes the creation of novel and entertaining meme content.”

• The value of the token started a sudden rise over the last week, rising from a mere $0.015 on July 13th to a high of $0.09 on July 20th. At the time of writing it is trading at $0.067, with an estimated market capitalization of $66 million.
• The coin was launched in mid-May, around the time when a mountain of memecoins began to accumulate in light of Pepe’s (PEPE) rise to prominence.
• This was also when BRC20 tokens began to gain popularity as a means of launching meme tokens on the actual bitcoin (BTC) blockchain.
• Spinoff coins are nothing new and have at times found some success. Shiba Inu (SHIB) was launched in 2020 as a spinoff of Dogecoin (DOGE), and nearly a year later surpassed the latter’s market cap.

The value of the “bitcoin” cryptocurrency has soared by more than 300% over the past week – the world’s largest cryptocurrency can only hope to make gains through a massive inflow of investor capital.

As stated, a closer look reveals that this is 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.

• The token’s description reads, “HarryPotterObamaSonic10Inu (ticker: bitcoin) is an endgame of crypto-assets (0 tax).” “Bitcoin incentivizes the creation of novel and entertaining meme content.”

• The value of the token started a sudden rise over the last week, rising from a mere $0.015 on July 13th to a high of $0.09 on July 20th. At the time of writing it is trading at $0.067, with an estimated market capitalization of $66 million.
• The coin was launched in mid-May, around the time when a mountain of memecoins began to accumulate in light of Pepe’s (PEPE) rise to prominence.
• This was also when BRC20 tokens began to gain popularity as a means of launching meme tokens on the actual bitcoin (BTC) blockchain.
• Spinoff coins are nothing new and have at times found some success. Shiba Inu (SHIB) was launched in 2020 as a spinoff of Dogecoin (DOGE), and nearly a year later surpassed the latter’s market cap.