Base Meme Coin BRIAN Jumps 57-Fold After Coinbase CEO Changes X Profile Photo
Summary
- Base-based meme coin BRIAN briefly surpassed a market capitalization of $34 million.
- BRIAN's market capitalization later fell to about $27 million, but its short-term gain still exceeded 57-fold.
- A change to the Coinbase CEO's X profile photo appears to have triggered a short-term rush of demand for related meme coins, increasing price volatility and underscoring the need for investor caution.
Forecast Trend Report by Period
BRIAN, a meme coin on Coinbase's Base blockchain, briefly surpassed a market capitalization of $34 million.
Odaily, a crypto news outlet, reported on July 17 that BRIAN's market value topped $34 million at one point.
Its market capitalization later retreated to about $27 million, though its short-term gain still exceeded 57-fold.
The spike is believed to have been driven by a change to the Coinbase chief executive officer's profile photo on X, formerly Twitter. The market appears to have rushed into meme coins tied to the image over a short period, intensifying price volatility.
Meme coins can move sharply with shifts in liquidity and market sentiment. They are also highly sensitive to comments by public figures, images and online trends, underscoring the need for investor caution.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.