GEGE, a meme coin on the Solana blockchain, has today witnessed an astronomical rise in its price, soaring over 200% in just 24 hours.
This explosive growth has captured the attention of the crypto community, driving a wave of speculation and interest. And as GEGE price continues to climb, it’s essential to understand what GEGE is and the factors contributing to its parabolic rise.
What is GEGE coin?
GEGE is a cryptocurrency built on the Solana blockchain, themed around a legendary one-eyed cat known as the One-Eyed Monarch.
This One-Eyed Monarch character is shrouded in mystery and wisdom, believed by the crypto community to be a visionary leader guiding them towards a prosperous future.
The narrative behind GEGE is part of its charm, drawing in investors with its unique and engaging story.
However, according to the project’s website, GEGE has no team behind it, rising eyebrows in term of accountability. Nevertheless, some view this as a positive point since it makes GEGE a community-driven project.
Contrary to most meme coins, GEGE’s website shows that the project also offers a locked liquidity pool (LP), revoked minting capabilities, and a renounced contract, ensuring that no new tokens can be created and the original contract cannot be altered.
Turning to the meme coin’s tokenomics there are a total supply of 100 million GEGE tokens.
Why is GEGE price soaring today?
The recent surge in GEGE price can be attributed to several factors, with the primary driver being the growing hype around meme coins, particularly those based on the Solana blockchain.
Secondly, the coin today received its first listing on a major cryptocurrency exchange.
The team behind the meme coin expect it to also get listed on Bitmart tomorrow according to a post shared on X.
Meme coins have become a popular trend in the cryptocurrency market, often driven by social media buzz and community enthusiasm rather than traditional financial fundamentals.
GEGE’s compelling narrative and strong community engagement have played a significant role in its rapid price increase. The story of the One-Eyed Monarch resonates with many investors who enjoy the whimsical and speculative nature of meme coins.
Furthermore, the success of other Solana-based projects like dogwifhat (WIF), Bonk (BONK), cat in a dogs world (MEW), Popcat (POPCAT), and Myro (MYRO), which recently surpassed Pepe (PEPE), once the leader of meme coins, has possibly cast a favorable light on GEGE, driving its price to soar.
While GEGE’s parabolic rise is a testament to the power of community-driven cryptocurrency projects and the allure of meme coins in the crypto market, it is paramount to conduct thorough due diligence before taking any investment move on crypto assets owing to their high volatile nature.
The post What is GEGE and why has its price gone parabolic? appeared first on Invezz