The Chinese meme coin "我的刀盾" on Solana reaches a market cap of $6 million, surging 240% in 24 hours

BlockBeats News, March 6, according to GMGN monitoring, the Solana ecosystem Meme coin "My Knife and Shield" saw its market cap rise from $1.8 million, peaking at $6.6 million, and is currently reported at $5.6 million, with a 24-hour increase of 240%. The trading volume over the same period is about $4.9 million, and the token has been live for 6 days. It is the first Chinese narrative Meme coin on Solana to reach a million-dollar market cap in recent times.

On-chain trader Cowboy bought in at a market cap of about $290,000 with a $740 position in this Meme coin, and his floating return rate has reached 1900%. After partially selling, his current total profit is about $7,930.

The BSC chain's Meme coin with the same name "My Knife and Shield" also recorded a 24-hour increase of about 57%, but its market cap is only $500,000, with a trading volume of about $360,000 over the same period. The token has been live for about 28 days.

BlockBeats reminds users that Meme coin trading is highly volatile, often relying on market sentiment and hype, with no actual value or use case. Investors should be aware of the risks.