What is Myro and why is it up 450% in 2024?

Myro’s value has dropped nearly 15% in the past 24 hours, pausing its significant upward trend throughout the year.

According to CoinMarketCap data, Myro has seen its price increase from $0.02243 on Jan. 1 to $0.1232, marking a price increase of about 450%. The coin is also currently up 3,030% over the year to date. TradingView gives the coin a buy rating and a neutral RSI of just under 44.

CoinCarp data shows that Myro currently has just under 14,700 holders, with the top ten alone owning over 26%, showing that over one-quarter of the token’s $112 million current market cap is owned by just 10 holders — translating to over 29 million. Furthermore, the top 50 holders own nearly half of all Myro tokens.

Myro is a memecoin named after the homonymous dog of Solana (SOL) founder Raj Gokal. According to the token’s website, it responds to the popular demand for dog-based narratives in the crypto space.

Myro is a Solana-based token, and the officially recommended way to acquire it is to download the phantom wallet, purchase SOL, and only then swap for the memecoin through a decentralized exchange. That approach is intertwined with the broader Solana ecosystem, likely contributing to its growth.

Over the past year, Solana has seen aggressive growth, with its price has increased by 316%, reaching its current value of $97 after peaking at $121 in late December 2023. The total value locked on the Solana decentralized finance ecosystem — that Myro relies on — has seen a steady increase from $326 million at the start of October to its current valuation of $1.3 billion, representing a 322% increase.