Solana On-Chain Meme Coin hits $10M Market Cap briefly before dropping, community suspects the account to be run by Keith Gill

BlockBeats News, January 29th, according to GMGN monitoring, the on-chain Meme coin BP's market cap sharply fell after reaching $10 million, with the current market cap around $5.4 million, priced at $0.0054, a 150% increase in 24 hours, with a trading volume of around $5 million.

The token, after related images were posted by a new account Barking Puppy (X: BPuppy80020) suspected to be operated by Keith Gill, was seen by the community as a "strong signal." FOMO sentiment drove the market cap to quickly spike to $10 million in about ten minutes.

The account became active shortly after the minting of the Meme coin BP, and Kevin Gill had added related links to his Instagram bio about a week ago, which the community saw as a "deliberate arrangement" due to a timeline coincidence, enhancing market speculation about its association with "Roaring Kitty," thereby amplifying this short-term pump effect.

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