After Vitalik Buterin published the open-source novel Snowmoon, traders quickly spun up a cluster of on-chain tokens based on elements from the text. According to GMGN data, $ZC, described as a token linked to the novel’s in-story currency Zipcoin, briefly reached a market capitalization of $20.89 million before pulling back to about $14.34 million. Its intraday gain at one point exceeded 41x. Separate on-chain observers said the token’s market cap moved past $15 million on Sept. 29. The speculative wave did not stop with ZC. Traders also created tokens such as $SNOWMOON and $EMERALD, using the book title, currency references, and AI assistant elements from the story. ZC was launched on STOCKER, and that activity also pushed $STOCKER up by about 10x at one point, with one market observation placing ZC at roughly $15 million in market cap and STOCKER at about $7 million. Some market participants then took the narrative a step further, speculating that Buterin had "disguised" a privacy-coin white paper inside the novel.
Vitalik Buterin’s release of the open-source novel Snowmoon triggered a fresh round of on-chain speculation, with traders minting tokens tied to names and concepts from the book. Among them was $ZC, or Zipcoin, a token built around the novel’s currency reference.
GMGN data showed that $ZC briefly reached a market capitalization of $20.89 million before falling back to about $14.34 million. Its intraday gain at one point exceeded 41x.
Separate on-chain observations said the token’s market cap surpassed $15 million on Sept. 29. Traders also turned other elements from the novel into tradable assets, including $SNOWMOON, based on the book title, and $EMERALD, tied to the story’s AI assistant and related setting. The result was a rapid burst of speculation centered on the text itself.
STOCKER also moved higher
After $ZC launched on STOCKER, the move also lifted $STOCKER, which at one point rose by about 10x. One market observation put $ZC’s market cap at roughly $15 million and $STOCKER’s at about $7 million.
Speculation spread beyond trading
Discussion around Snowmoon also expanded beyond token prices. Some participants speculated that Buterin had "disguised" a privacy-coin white paper inside the novel.
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