Breaking
Robinhood CEO Vlad Tenev’s X Follow Sends Memecoin GIGATENEV Up 17-Fold, Market Cap Briefly Hits $6.5 Million
Summary
- Robinhood CEO Vlad Tenev reportedly followed the X account "Giga Tenev," after which memecoin GIGATENEV surged by as much as 17-fold in a short period.
- GIGATENEV's market capitalization briefly rose to $6.51 million before falling back to around $4.15 million to $5.26 million, and it was reportedly still up more than 12-fold over the most recent four-hour period.
- The token was not launched through a major issuance platform, a large portion of the initial buying reportedly came from newly created wallets, and there are concerns Tenev's account follow could have been caused by a hack, meaning the investment risk is high.
Memecoin GIGATENEV surged over a short period after Robinhood CEO Vlad Tenev followed an X account related to the token.
Crypto outlets BlockBeats and Odaily reported on October 20 that Tenev followed the "Giga Tenev" account on X earlier in the day. GIGATENEV then rose by as much as nearly 17-fold in a short span.
The token’s market capitalization briefly reached $6.51 million before retreating to about $4.15 million to $5.26 million. It was still up more than 12-fold over the past four hours.
The token was not launched through a major issuance platform. BlockBeats also reported that analysis suggested a substantial share of the initial buying came from newly created wallets.
There are also concerns that Tenev’s follow may have resulted from unauthorized access, including a possible hack, underscoring the high investment risk.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.