YEREVAN (CoinChapter.com) – Doginphire (FIRE) is the new dog on the block among Solana-based memecoins. Why? Because every crypto investor has felt the famous meme; the “Well, THIS IS FINE” feeling when it’s clearly NOT fine… But back to business. Let’s take a closer look at the coin and why it’s suddenly doubling in price.

Doginphire (FIRE) More Than Doubles

Solana-based memecoin Doginphire (FIRE) is up 170% on Feb. 6, trading for $0.0010 as of this time of writing. Meanwhile, the token’s trading volumes flew 150% parallel to the price increase, highlighting the booming demand for FIRE.

Notably, the trading volume, which reached nearly $3.5 million, exceeded the market cap over 3 times. The situation is not uncommon, especially for new coins on the market (FIRE was launched on Jan 31).

However, in some cases, a disproportionately high trading volume compared to the market cap might indicate price manipulation. Traders or groups might be artificially inflating the volume to create a misleading appearance of demand, potentially leading to pump-and-dump schemes. Is this the case for Doginphire? Not clear yet. As with any memecoin, traders should exercise caution.

Meanwhile, let’s look at FIRE trading and why it pumped on Feb. 7.

Crypto Exchange Listing Propelled The Coin?

According to the latest announcement, the BitMart crypto exchange will list the FIRE coin in the coming sessions. The exchange did not pinpoint the exact date, preferring the allusive “soon” instead. However, the announcement itself might have been enough to trigger fear of missing out (FOMO), or how Doginphire describes it — PHOMO.

Moreover, the memecoin’s team hinted at two more listings without giving out details beyond “top 10 exchange.”

We are on the verge of being listed on not one, but TWO centralized exchanges – and the icing on the cake? One of them holds a spot in the TOP 10! The journey just began tho but could you gently tell your grandma in her ear that it might be wise investing her pension fund in $FIRE?

tweeted Doginphire.

To be clear, we don’t think it’s “WISE” investing your granny’s pension in FIRE. Have some sense of humor, for Pete’s sake…

Additionally, in the best traditions of dog-themed memecoins, Elon Musk‘s name came up, the eccentric billionaire CEO of Tesla and SpaceX. He did not directly advertise the coin, he just tweeted the fire emoji to Billy Markus, the co-founder of Dogecoin. That was enough to ignite a reaction from the FIRE team.

The post Doginphire (FIRE) Crypto Up 170% Thanks to Elon Musk and Listing “PHOMO” appeared first on CoinChapter.

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Filed under: Bitcoin - @ February 7, 2024 10:15 am