Solana-based Meme Coin STONKS Surges to a Market Cap of Over $70 Million Before Retreating, with a 24-hour Trading Volume of $107 Million

BlockBeats News, February 1st, according to GMGN market data, the Solana-based Meme coin STONKS briefly surged above a $70 million market cap and is now at $58.6 million, with a 205% 24-hour price increase and a $107 million 24-hour trading volume.

Earlier reports indicated that on January 23rd, a Nasdaq subsidiary account was hacked to promote the STONKS token, which saw its market cap briefly exceed $20 million. After the hack was confirmed by official sources, STONKS plummeted over 99%.

BlockBeats reminds users that Meme coins often lack practical use cases, experience significant price volatility, and investment should be approached with caution.