The market value of the Solana chain meme coin STONKS briefly exceeded 70 million US dollars and then fell back, with a 24-hour trading volume of 107 million US dollars

On February 1, according to GMGN market data, the Meme coin STONKS on the Solana chain briefly surpassed a market capitalization of $70 million before falling back, currently reporting $58.6 million, with a 24-hour increase of 205% and a 24-hour trading volume of $107 million. Previously reported, on January 23, a Nasdaq affiliated account was hacked and used to promote the STONKS token, with the STONKS market capitalization briefly exceeding $20 million. After the Official Twitter account was confirmed to be hacked, STONKS fell by more than 99%. BlockBeats reminds users that Meme coins often have little actual use case, and their prices fluctuate greatly, so investment requires caution.