Benzinga - HarryPotterObamaInu (CRYPTO: INU), a meme cryptocurrency on Friday outperformed popular meme cryptos like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).
What Happened: This comes as former Fox News host Tucker Carlson aired a controversial interview with Larry Sinclair.
Meanwhile, Sinclair’s credibility has been called into question due to his extensive criminal record, which spans several decades and includes forgery charges that resulted in a 16-year jail sentence.
X, formerly Twitter, owner Elon Musk said on Thursday that the probability of Sinclair’s claims “would have to rest on objective evidence, rather than claims made by someone with a dubious history.”
Of course, the probability that his claims are true would have to rest on objective evidence, rather than claims made by someone with a dubious history.— Elon Musk (@elonmusk) September 6, 2023
The meme cryptocurrency HarryPotterObamaInu (INU) experienced a significant surge, trading at $0.0008085, marking a 7.18% increase in the last 24 hours. In comparison, Shiba Inu and Dogecoin saw gains of 0.40% and 0.45%, respectively.
CoinMarketCap data reveals that HarryPotterObamaInu’s trading volume also saw an uplift, reaching $1.30 million in a 24-hour period. Low trading volumes typically indicate reduced market activity and liquidity, resulting in decreased price volatility. With fewer buyers and sellers participating, it can be more challenging to execute trades at desired prices, potentially leading to price stagnation or limited price movements.
Will Musk Embrace DOGE On X? Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy
Why It Matters: It is important to highlight that trading of HarryPotterObamaInu primarily occurs on decentralized exchanges, which may have lower liquidity and trading volumes compared to centralized exchanges.
Investors should exercise caution when dealing with meme coins like HarryPotterObamaInu, especially when trading volumes are low, as this can increase the risk of price manipulation and may make it more challenging to buy or sell assets at desired prices. Conduct thorough research and exercise vigilance when investing in meme coins.
Photo by L.E.MORMILE on Shutterstock
Read Next: Bitcoin, Ethereum, Dogecoin Spike After JPMorgan Enters Blockchain Deposit Tokens: Analyst Says BTC Is ‘Going Higher Soon’
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.