x402 Protocol Experiences 8,218% Trading Surge: PING's Speculative Rally Compared to Meme Coin Cautions
- Coinbase's x402 protocol saw 8,218% trading volume surge after PING token launch, with 163,600 transactions in 7 days. - PING's market cap hit $33M rapidly, driving 1.5M% new buyer growth and spillover effects across x402-based tokens. - Analysts compare PING to meme coins, warning of speculative risks despite its 802% single-day price surge and $13M trading volume. - Coinbase's open-source strategy boosted Base ecosystem growth, with CLANKER and VIRTUAL tokens reaching $55M and $4.2B market caps.
The x402 Protocol, an open-source payment platform created by
Data from x402scan reveals that the protocol's transaction numbers jumped 701.7% in the last week, reaching 163,600 transactions. Trading activity surged by 8,218.5%, amounting to $140,200, while the count of new buyers exploded by more than 1.5 million percent to 31,000 addresses. Experts attribute this surge to the launch of PING, the inaugural token released under the x402 standard by the decentralized analytics platform Ping Observer.
Following its debut, the PING token's market value exceeded $20 million within just a few days, and further gains pushed it above $33 million in early October, according to
Coinbase's approach of supporting developers with open-source resources is showing results. Over the last month, x402 transactions have risen by 629.5%, with trading volume reaching $191,000 and a total of 213,000 transactions, as outlined in
The PING token's structure, which lets users mint tokens for $1 to obtain 5,000 PINGs, has drawn parallels to earlier token models like runewords and inscriptions, as mentioned in
The broader Coinbase ecosystem, including the Base chain, has also seen gains. Tokens such as CLANKER and
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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