GSTOCK, a meme coin in the Genius.fun ecosystem, climbed to a record market capitalization above $24 million, according to GMGN market data, with the token quoted at about $24.2 million and up more than 170% on the day. The move came as Binance co-founder Changpeng Zhao, or CZ, replied to crypto KOL Jasmy, saying the idea of using memes to acquire listed companies was "definitely not something I came up with myself." Jasmy has mentioned GSTOCK in nine separate posts this week. The token is paired in its liquidity pool with BNCB, the on-chain token of BNB treasury company BNC. Genius.fun was launched by Genius Terminal, an on-chain trading terminal backed by YZi Labs with CZ serving as an advisor. Odaily also flagged the high volatility of meme coins and said prices can be heavily influenced by market sentiment and headline-driven events, urging users to watch trading risks.
According to GMGN market data, GSTOCK, a meme coin in the Genius.fun ecosystem, saw its market capitalization rise past $24 million to a record high. It was quoted at about $24.2 million, up more than 170% on the day.
On the news side, Changpeng Zhao, known as CZ, replied to crypto KOL Jasmy on Friday, saying, "The idea of acquiring listed companies through memes was definitely not something I came up with myself."
Jasmy has mentioned GSTOCK nine times this week. GSTOCK is paired in its base pool with BNCB, the on-chain token of BNB treasury company BNC.
Genius.fun was launched by Genius Terminal, an on-chain trading terminal backed by YZi Labs, where CZ serves as an advisor.
Odaily noted that meme coins can see sharp price swings and can be easily affected by market sentiment and trending events, and reminded traders to pay attention to risk.
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