Benzinga - Myro (CRYPTO: MYRO), a dog-themed memecoin on Solana (CRYPTO: SOL) surged 48% in the past 24 hours, backed by a 105% increase in trading volume.
What Happened: Cryptocurrency exchange ByBit listed Myro for trading on its spot exchange, with deposits commencing from Jan.18 and trading enabled on Jan. 19.
The listing may have been a catalyst for the explosive price move, following a similar pattern observed in dogwifhat (CRYPTO: WIF). Myro exploded for a 125% price increase following a Bybit listing.
In mid-December 2023, Myro announced it would launch Myro Staking enabling investors to stake their tokens thereby earning rewards and contributing to Solana decentralization.
Read Also: This Is Solana's New Dogcoin Superstar: From Zero To Over $100M Market Cap In 60 Days
Why it Matters: With many Solana memecoins gaining traction in the past few weeks, Myro is catching the attention of many traders and social media influencers with its rapid gains.
Within the past 30 days, Myro has erased one zero from its token price (from $0.02858 to $0.23 currently), equalling a 10-fold increase in its market capitalization — from $24.9 million to $222.9 million.
Myro's surge in past 24 hours surpassed that of rival memecoins like dogwifhat, +20.3%, and Silly Dragon (CRYPTO: SILLY), +18%. Meanwhile, Pepe (CRYPTO: PEPE) and Wynn (CRYPTO: WYNN) reported dropped 2.9% and 19.8%, respectively.
Heavily followed crypto influencer, Ben Armstrong stated, "$MYRO is the $SHIB of this bull run. Get ready. I am starting to wonder whether or not it actually could flip $BONK."
Two days ago he also said that Myro is heading for the top 100 coins and nudged traders to grab the token before the gains are gone.
Another crypto trader on X tweeted:
A new all time high again for $MYROMy first 200X of this market cycle
Fadoors and early sellers are in a state of disbelief
Over 22K people now hold $MYRO
Next target is $400M marketcap
Send it higher, $MYRO deserves higher. https://t.co/4ochhPQEzJ pic.twitter.com/QEHDMoGqel
— The Wolf Of Crypto Streets (@W0LF0FCRYPT0) January 18, 2024
What's Next: If Myro manages to follow the path of dogwifhat, it will likely spark more talks of ambitious price targets like one dollar. However, traders should be wary of chasing quick gains in memecoins prone to insider trading.
Read Next: Dogwifhat Prints 54% Daily Gain, 'Flippening' Talk Among Traders: 'Imagine $WIF Surpassing $SHIB'
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