Cryptocurrency ‘Mexican in a hat’ imitates famous memecoin and explodes 2,000%

Cryptocurrencies such as PancakeSwap (CAKE) and Dogwifhat (WIF) have already been hugely successful in the market. But one project decided to go further and combine the names of the two famous cryptocurrencies into a single memecoin. And that’s how the new Pancake Wif Hat, or simply PANHAT, came about.

According to DEX Screener, PANHAT is one of the main projects of the day on Solana, soaring almost 2,000% at the time of writing. As a result, the price of memecoin reached US$0.00129 on Raydium, the DEX where it is listed.

PANHAT’s official website contains virtually no information, which suggests that memecoin is a very recent project. Your activities in X date back to this Wednesday morning (10) and show the euphoria on the part of investors. Many highlight that the strong appreciation of memecoin occurred because of the strength of its community.

“Pancake, one of the most trusted people in the space (sic), had between 70% and 80% of the force building the social layer of friend-made technology – which is just one reason why it was initially successful (although I think she can get more),” said a memecoin enthusiast.

Memecoin explosion

Another fruit of Solana’s memecoin explosion, PANHAT brings a meme similar to WIF. But instead of a dog, she brings a man characterized as Mexican; and instead of a cap, she wears a hat similar to the famous ones hats from the land of Chapolin.

In addition, PANHAT also has versions with an Uncle Sam hat (a symbol that represents the United States) and a simple straw hat. PANHAT’s current market value is US$1.2 million, but its transaction volume reached almost US$8 million. The circulating supply of memecoin is 1 billion PANHAT.

One trader even made profits of more than 250% trading memecoin in the first few hours. Like other memecoins of the period, PANHAT does not appear to have any purpose or utility. Leveraging a meme and strong community support, she managed to gain attention nonetheless.

This boom in the price of memecoins contrasts with the performance of Solana’s own cryptocurrency, SOL. Even benefiting from these projects, SOL registered a drop of 1.7% and was worth US$171, according to CoinGecko. However, memecoins continue to be successful.

In this group is Dogeverse, another version of the famous Shiba Inu dog meme. While PANHAT soared upon its launch, DOGEVERSE, which is in pre-sale, raised US$1 million in just two days. The demand was so great that the first round of Dogeverse pre-sales ended almost three days early.