The Nietzschean Penguin (PENGUIN) token, a memecoin launched on the Solana layer-1 blockchain community, surged by about 564% following a social media submit from america White Home.
On Friday, the White Home printed a social media post on X of US President Donald Trump and a penguin holding palms and strolling via the snow, which went viral.
PENGUIN traded at a market capitalization of about $387,000 earlier than the submit and recorded $244 million in buying and selling quantity within the 24 hours after the submit, in response to SolanaFloor.
The token’s market capitalization is about $136 million on the time of this writing, and it’s buying and selling at about $0.13, knowledge from DEXScreener exhibits.
“The early success of PENGUIN is proof that onchain buying and selling was by no means useless, only a sleeping big ready for the precise second,” Alon Cohen, the co-founder of memecoin launchpad Pump.enjoyable — the platform PENGUIN launched on — said.
The surge of the PENGUIN token got here amid a broad downturn in the memecoin market, which was one of many best-performing crypto sectors in 2024, however crashed after a number of high-profile celeb tokens declined by 80% or extra from their peak costs.
Associated: Memecoin trading spikes briefly as traders cash in, say analysts
Memecoins present indicators of life in 2026 after a disappointing 12 months
11.6 million crypto tokens failed in 2025, largely pushed by the flood of memecoins launched on platforms like Pump.enjoyable and different comparable launchpads.
The whole market capitalization of memecoins briefly surged by 23% in January 2026, rising from about $38 billion in December 2025 to over $47 billion, in response to CoinMarketCap.
The temporary surge in memecoins was accompanied by a spike in social media mentions of memecoins, in response to crypto market evaluation firm Santiment.
“Memecoins usually lead when threat urge for food returns. The rebound within the Worry and Greed Index from excessive concern towards impartial reinforces this shift,” Vincent Liu, the chief funding officer at buying and selling agency Kronos Analysis, advised Cointelegraph.
Nonetheless, the memecoin market fell again right down to about $39 billion in complete market capitalization on the time of publication, as crypto markets proceed to maneuver sideways, oscillating between non permanent short-term rallies and pullbacks.
Journal: Memecoins: Betrayal of crypto’s ideals… or its true purpose?
