Unexpectedly, in just 13 hours, the value of the Anita Max Wynn (WYNN) token on Solana has increased by an incredible 350%, making it the best-performing token on the DEX Screener site. The cryptocurrency world has taken notice of WYNN, which has a $40.3 million market capitalization and a $14.6 million trading volume.
The meme token, which has a cartoon lady with glasses as its emblem, originated from a lighthearted incident that happened during one of prominent artist Drake’s livestream in late December 2023. The rapper, who is well-known for his personal interactions with fans, said funny that Anita Max Wynn is his alter ego while showcasing a cap of her.
“I need a max win”
Known as “I need a max win” in the parlance of gamblers, the meme became popular on Solana in January. After climbing to $0.00206 initially, WYNN had a decline, dropping 75% of its value over the next six days. But between January 10 and January 15, there was a notable turnabout that sent the token on an incredible 2,482% rise. With the latest recent spike, WYNN shot up 350% to $0.056 in price.
An interesting twist to this bitcoin story is the participation of Stake’s X account, Drake’s partner, which promised to look into the artist after mentioning WYNN. Surprisingly, WYNN’s price fell by more than 25% as a result of a sell-off that followed this statement.
There are concerns regarding possible insider trading given the abrupt link between Stake’s article and the price fluctuations of WYNN. The aftermath indicates that a sizable batch of WYNN was unloaded at the top, greatly affecting the token’s value because of the comparatively low liquidity in pools, even though the precise dynamics are yet unknown.
Even with all of the excitement that WYNN is generating right now, investors must be cautious. It is difficult to anticipate with any degree of accuracy where meme coins will go in the future due to the unpredictable nature of the market, their speculative character, and the anonymity of the project developers.
