A new memecoin with a weird name has stood out in the recent memecoin frenzy, raising 30% at its peak today to a market cap of around $137 million.
HarryPotterObamaSonic10Inu (BITCOIN) is a token inspired by a backpack found in a shop in the Netherlands, on which various logos and words are randomly printed, including Harry Potter, Barack Obama, the cartoon character Sonic and the number 10.
The token's website claims it's the “People's Bitcoin” and uses the acronym “BITCOIN” to confuse potential buyers.
The token was launched in May and has since gained a loyal fan base of memecoin aficionados who create and share caps featuring the token's name and logo.
The whitepaper of the token states that it has no utility or purpose other than being a memecoin and a social experiment.
The Factor in the Rise of the Token Is Considered to be the Inactivity of Other Cryptocurrencies
The token's recent rise is attributed to the lack of activity in the biggest cryptocurrencies, which has led investors to seek alternative opportunities in other parts of the ecosystem. Memecoins are centered around the news that Shibarium, the mainnet of one of the most popular memecoins, Shiba Inu (SHIB) is about to go live.
A HarryPotterObamaSonic10Inu community spokesperson said the token's success was due to the “collapse of the influencer coin meta”, referring to the propensity of celebrities and influencers to launch or endorse their own tokens, noting that these often result in scams or failures.
However, not everyone is impressed by the token's performance. A Twitter account associated with the token appears to have been suspended for violating the platform's rules. Some critics have also accused the token of being a pump-and-dump scheme that exploits inexperienced investors.
*Not investment advice.
