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.

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.