GIGATENEV, a meme coin tied to the name Giga Tenev, briefly surged 17-fold on Oct. 20 after Robinhood CEO Vlad Tenev followed the project’s X account, according to BlockBeats. GMGN market data showed the token’s market capitalization at $5.26 million after the move. The report said the token was not launched through a mainstream issuance platform, a detail that adds to concerns around its trading activity. It also cited prior analysis saying that most purchases came from newly created wallets. Separately, the report noted that Vlad Tenev’s follow action on X may itself have resulted from a compromised account. BlockBeats said the token may carry significant risk and warned users to stay cautious when investing.
GIGATENEV, a meme coin linked to the name Giga Tenev, briefly surged 17x on Oct. 20 after Robinhood CEO Vlad Tenev followed the project’s X account, according to BlockBeats. GMGN market data showed the token’s market capitalization at $5.26 million.
Risk flags around the token
BlockBeats said the token was not issued through a mainstream launch platform. The report also cited earlier analysis saying that most of the buying came from newly created wallets.
It added that Vlad Tenev’s follow action on X may have been the result of a compromised account. BlockBeats warned that the token may carry substantial risk and said users should be cautious with related investments.
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