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Rapper Drake's Joke Powers New Solana Meme Coin to 350% Surge

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Mon, 15/01/2024 - 10:27
Rapper Drake's Joke Powers New Solana Meme Coin to 350% Surge
Cover image via youtu.be

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In a surprising turn of events, the Anita Max Wynn (WYNN) token on Solana has experienced an astonishing 350% surge in the last 13 hours, making it the top-performing token on the DEX Screener portal. With a current market capitalization of $40.3 million and a trading volume of $14.6 million, WYNN has captured the attention of the crypto community.

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The meme token, featuring a logo of a cartoon girl with glasses, found its roots in a playful moment during one of popular rapper Drake's streams in late December 2023. The rapper, known for his interactive engagement with fans, showcased a cap with the character Anita Max Wynn, humorously declaring her as his alter ego.

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"I need a max win"

Dubbed "I need a max win" in gambling lingo, the meme quickly evolved into a token on Solana in January. Initially rising to $0.00206, WYNN faced a setback, losing 75% of its value over the next six days. However, a remarkable turnaround occurred between Jan. 10 and Jan. 15, propelling the token to a staggering 2,482% gain. The most recent surge saw WYNN skyrocketing by 350%, reaching a price of $0.056.

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Source: TradingView

What adds an intriguing layer to this cryptocurrency tale is the involvement of Drake's partner, the X account of Stake, who pledged to inquire about the rapper, mentioning WYNN. Strikingly, following this announcement, WYNN experienced a sell-off, causing its price to plummet by over 25%.

The sudden correlation between Stake's post and WYNN's price movements raises questions about potential insider trading. While the exact dynamics remain unclear, the aftermath suggests a large batch of WYNN was unloaded at the peak, significantly impacting the token's value due to relatively low liquidity in pools.

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Despite the current buzz surrounding WYNN, it is essential for investors to exercise caution. The market's unpredictability, the speculative nature of meme coins and the anonymity behind the creators of the project make it challenging to forecast such tokens' future trajectory accurately.

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