According to CryptoPotato, meme coins are gaining significant traction on the Solana platform, with celebrities such as Andrew Tate joining the trend. Tate, a well-known figure, has stirred the Solana community, leading to a surge in Tate-inspired meme coins. These coins have quickly become the most popular cryptocurrencies on DEXScreener, accumulating hundreds of millions of dollars in capital in just a few hours.
Tate has acknowledged his role in the current market upheaval, stating that he is 'creating chaos' in the crypto market and attempting to 'crash Solana.' His actions have sparked a flurry of tweets and discussions, with some speculating that he has burned over $30 million worth of a certain meme coin. However, it's important to note that meme coins carry a substantial risk of capital loss due to their inherent volatility and lack of specific utility.
In related news, Caitlyn Jenner's JENNER meme coin has also caused a stir among traders. CryptoQuant CEO has warned against the hype surrounding meme coins, suggesting it could pose a threat to the progress of the industry. A trader reportedly made $23 million by flipping Solana meme coins.
