Solana Michi, a meme coin, saw a remarkable surge of 18% on Monday, thanks to a move by pop star Ariana Grande. The spike came shortly after Grande shared the meme that inspired the creation of the coin on her Instagram story.
Grande’s post featured Michi’s meme with a pink “love potion,” a nod to her latest music video for “The Boy Is Mine.” The meme, edited by a fan account, was adorned with kisses in homage to Grande. The original post read, “I think the boy is hers, [I don’t know],” accompanied by Michi’s alluring image.
Following Grande’s post, Ansem, a well-known influencer in the crypto world, leveraged his platform to draw attention to Grande’s action on Twitter. This led to a significant price jump in the Michi cryptocurrency, reaching US$0.2650 within an hour, marking an 18% increase. However, the price later stabilized around US$0.23, maintaining a 3% increase.
This event underscores the impact of celebrities on the cryptocurrency market. Personalities like Iggy Azalea have also dabbled in this space by launching their own meme coins, while Andrew Tate sparked a crypto frenzy the previous week.
Despite speculation of a possible Instagram hack, Grande continued with her usual activities on the platform, even celebrating her mother’s birthday.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
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