meme coin's market cap plummets to $4 million, now rebounds to $7.6 million

January 21st — Per GMGN market data, a new meme coin named “memes” on the BSC network plummeted to $4 million briefly, then rebounded to $7.6 million. Its 24-hour trading volume has hit $47.4 million; previously, the coin’s market cap had surged above $27.8 million. The coin’s rally was linked to an earlier tweet from the official White House account: “The winning will continue. The deportations will continue. The memes will continue.” After Binance CEO He Yi retweeted the post, “memes” saw a sharp uptick. He Yi has since deleted the retweet, which is likely the direct cause of the coin’s steep drop. BlockBeats Note: Meme coins are highly volatile, heavily reliant on market sentiment and hype, and lack tangible value or use cases. Investors should exercise caution.