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Solana memecoin Silly Dragon reaches 300% weekly rise

Brian Stone
Edited by
Markets
News
Solana memecoin Silly Dragon reaches 300% weekly rise

Silly Dragon, a new memecoin based on the Solana blockchain, has marked a notable increase in value.

Silly Dragon (SILLY) has achieved a market capitalization exceeding $140 million, with its price climbing to $0.147. This represents a substantial 36% rise in the past 24 hours and an impressive 300% increase over the last week. Earlier today, KuCoin also announced the token’s listing, further driving its trading volume.

https://twitter.com/kucoincom/status/1739949242767311279

Silly Dragon, launched on Dec. 16, has quickly gained traction among memecoin enthusiasts. The inspiration for the token traces back to last Halloween, when Anatoly Yakovenko, the co-founder of Solana, appeared at a conference dressed as a dragon.

Despite its recent success, the smart contracts associated with SILLY have not yet been verified, which is a crucial aspect for investors to consider regarding security and transparency.

The token’s distribution reveals that the top ten currency holding addresses, excluding those of centralized exchanges (CEX), currently possess 18.5% of the total SILLY tokens. These holders are reportedly experiencing an average floating profit of 30 times their initial investment.

The rise of SILLY coincides with a broader upswing in the Solana ecosystem. SOL, the native token of Solana, has seen a 35% increase over the past week. Similarly, other prominent Solana-based tokens, such as Chainlink, The Graph, and Render, have also experienced growth, each recording over a 10% rise this week.