Key Insights
- A new Solana memecoin, Silly Dragon ($SILLY), has surged over 100% in two weeks and reached a market cap of $140 million.
- $ILLY is Inspired by Solana co-founder Anatoly Yakovenko’s Halloween costume, during Halloween this year.
- There might be a few concerns about potential centralization, as the top 10 holders control around 24% of the total supply.
- CoinMarketCap has yet to verify the total supply of $ILLY, adding another layer of uncertainty.
Solana-based memecoins have been all of the hype as of this year. This is especially true, with the bullish strength of BONK, which shook the market with a near 15,000% YTD price increase.
This time around, it seems that a new Solana-based memecoin has hit the market, and everyone is talking about it.
Silly Dragon Makes A Debut
Silly Dragon or $ILLY, is the newest memecoin project on the Solana network. According to CoinMarketCap, this memecoin has risen by about 48% over the last week and is now up by more than 100% since its launch.
In what is now likely the fastest listing in the history of memecoins, KuCoin recently announced the debut of $SILLY on the trading platform.
The project’s dashboard, Silly Dragon was inspired by the costume of Solana co-founder, Alatoly Yakovenko, during Halloween in 2023, when said founder appeared at a conference dressed as a dragon.
Overall…
While it might be great to get in on explosive memecoins like BONK as quickly as possible, there are a few things you should know.
The first is that the $ILLY smart contracts have not been verified yet, as shown by the SolScan.
Moreover, the top 10 Silly Dragon holders collectively own about 242,255,675 tokens or about 24.23% of the total supply.
Overall, the project boasts of an impressive market cap of about $130 million, as well as a total supply of about 1 billion $ILLY, which still remains unverified by CoinMarketCap as of writing.
As such, it is important to DYOR before making any serious financial decisions, especially when it comes to cryptocurrencies.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
