Solana On-Chain Meme Coin Hits $10M Market Cap Briefly Before Falling; Community Suspects Account to Be Keith Gill-operated

BlockBeats News, January 29th, according to GMGN monitoring, the on-chain Meme coin BP's market cap has plummeted significantly after reaching $10 million, currently valued at around $5.4 million, priced at $0.0054, with a 150% surge in the past 24 hours and a trading volume of approximately $5 million.

This token, after related images were posted by a new account allegedly operated by Keith Gill, known as Barking Puppy (X: BPuppy80020), was seen by the community as a "strong signal." FOMO sentiment drove the market cap to quickly peak at $10 million in about ten minutes.

The account became active shortly after the Meme coin BP was minted, and about a week ago, Kevin Gill had already added related links to his Instagram bio, which the community perceived as a "deliberate arrangement" based on a coincidental timeline, enhancing market speculation about its association with "Roaring Kitty," thereby amplifying the short-term pump effect.

BlockBeats reminds users that Meme coin trading is highly volatile, heavily influenced by market sentiment and hype, lacks actual value or utility, and investors should be cautious of the risks involved.