Drake-Related Meme Coin WYNN: From $85M Market Cap to $1.5M — Dogecoin and Shiba Inu Dreams Are Over — Wynn Resorts (NASDAQ:WYNN)

Few tokens have seen their value rise and fall as quickly as WINNN WYNN/USDmeme coin launched in January this year.

WYNN’s initial market cap hit an all-time high of $85 million, driven in part by social media buzz and reports of indirect endorsement from the artist Drake.

However, WYNN’s market capitalization has now fallen to $1.5 million, according to data from DexScreener.

How It Began: The Development of WYNN

In January, the meme coin caught the attention of the cryptocurrency community following a sudden increase in mentions of it on social media platforms.

WYNN shares rose from under $1 million to $5 million in just two days, reaching a record $85 million shortly thereafter.

The token’s surge in value was linked to Drake-related memes and a popular tweet from a well-known cryptocurrency influencer.

The surge in popularity has led to speculation that WYNN could compete with other meme coins such as Dogecoin DOGA/USD AND Shiba Inu SHIB/USDsupported by numerous social media accounts actively discussing his growth.

How it goes: Precipitous decline

Fast forward to today, and the situation has changed dramatically. With a current market cap of $1.5 million, WYNN’s significant decline highlights the volatility typical of meme coins.

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The question remains whether WYNN will regain its former glory or fall into oblivion, but it still competes with other meme tokens in the market Solanum SOL/USD blockchain, including newer entrants such as Bang BONK/USD AND Myra MYRO/USD.

Trend to Watch: Celebrities’ Influence on Cryptocurrencies

The rise and fall of WYNN underscore the power of celebrity influence on the cryptocurrency market, but also the risks involved.

Drake’s indirect involvement helped WYNN gain popularity, but without consistent interest from institutions and retail customers, the token’s momentum has slowed.

Nevertheless, WYNN may not be the last meme cryptocurrency to see its popularity boosted by celebrity endorsements.

As the conversation around digital assets continues to grow, topics like meme coin volatility and celebrity influence will headline Benzinga’s Future of Digital Assets event on November 19. Industry leaders and policymakers will discuss the role of cryptocurrencies in finance and politics.

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