#您是否应该关注由BNB链支持的memecoin以大象为主题的memecoin之WHY
We take a look at why an elephant-themed memecoin is currently making waves in the market.
WHY attempted to enter the mainstream market by briefly breaking through the $100 million market cap. This article explores more details, including its connection to the BNB chain and token economics.
On July 22, elephant-themed memecoin WHY entered uncharted territory as its market cap surpassed the $100 million mark. The move also put it at a new all-time high, so it warrants investigation.
Why Price Review
WHY’s market cap surged, bringing it up 50% from the day’s low of $0.0000002194. The surge took it as high as $0.0000002491, a new high so far.
Despite the impressive performance, its share price has since fallen back to pre-boom levels, wiping out about $7.4 million from its market value.
The past 24 hours’ performance shows signs of pump and dump. However, looking at the weekly performance, the past 7 days have been rising.
In fact, despite erasing its gains in the past 24 hours, its weekly premium is still 31%.
Why? The elephant in the room
WHY The price action over the past few days marks the beginning of a bullish momentum. Address activity may help to understand what is happening.
Lookonchain revealed that a new wallet address was recently created and WHY was purchased using BNB withdrawn from Binance.
The addresses reportedly raised suspicions that the move could be an attempt to draw more attention to the WHY memecoin. Especially when you consider that the gains in the past 24 hours have been wiped out, with the price returning to pre-surge levels.
Is it worth all the hype?
Maybe the question isn’t ‘why’, but ‘what’. On the surface, it might just be another memecoin in a field currently rife with memecoins.
We started looking for what makes it unique, and here’s what we found. WHY is the first memecoin funded by BNB Chain as part of its Meme Heroes LP support program.
BNB Chain is launching this initiative to add some life to the memecoin sector. The move is aimed at competing with other networks such as Solana, which has experienced explosive growth in memecoin-related activity so far this year.
While the involvement of the BNB chain may add some advantages to WHY memecoin, we also found that it has an active presence and community on X with over 23,000 followers. Our evaluation of its tokenomics shows that it has 420 trillion tokens and all of them are in circulation.
Based on our findings, we concluded that if the current hype can make it into the mainstream, the “WHY” might be like discovering Dogecoin in its early days.
In addition, it is currently listed on a few exchanges and has not yet been listed on major exchanges. Listing on major exchanges may allow WHY to receive strong liquidity inflows in the future. Its cooperation with BNB Chain shows the potential for listing on Binance in the future.