NPC token gains 32% following Elon Musk post
A seemingly innocuous post by X owner Elon Musk seems to have helped propel the price of the little-known non-playable coin (NPC) by more than 32%.
On July 20, Musk posted a video by popular reporter and influencer Mario Nawfal on his X handle. In the video, Nawfal engages in a discussion about NPC, exploring how it stands out from other meme coins.
NPC analysis
The impact has been immense. Since that post went out, the price of NPC spiked 32.1% at the time of this writing. Its market cap soared to an impressive $195 million in a matter of hours.
The push also meant that NPC gained over several other timeframes. For instance, the current NPC price is a massive 67% improvement across seven days and a 21% increase over two weeks. However, it is still nearly 20% below its all-time high price of $0.03003, recorded on June 23.Â
Today’s performance also means that NPC is now substantially outperforming the global cryptocurrency market, which is up 11% according to CoinGecko.
Furthermore, it is also doing better than similar cryptocurrencies on the Ethereum network, which have registered an overall improvement of about 12%.Â
The NPC token is an NFT-meme hybrid inspired by the non-playable character meme. It can be traded as either a non-fungible token or a meme coin, with each NPC token backed by an NFT of the NPC meme.
The coin is available on Ethereum via Uniswap and on Coinbase’s layer-2 network, Base. It has a total supply of 8,050,126,520 NPC tokens, all of which were circulating at launch.
The price uptick was accompanied by a similar jump in the coin’s 24-hour trading volume, which went up 55% to $7,464,829.
