Solana meme coin FONE surpasses $38M market cap with a 700% 24-hour surge

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On-chain data shows the Solana-based meme coin fone briefly reached a $38 million market cap, currently at $36.9 million, with a 700% gain in the past 24 hours. The project follows the "apeonfone" theme, similar to "dogwifhat," as traders increasingly engage via mobile and social platforms. On-chain analysis reveals rapid buying activity, though Odaily warns of high volatility and lack of fundamental backing.

Odaily Planet Daily reports that, according to GMGN market data, the Solana ecosystem meme coin fone briefly surpassed a market cap of $38 million and is currently trading at approximately $36.9 million, up 700% today.

In terms of narrative, Fone centers around the concept of "apeonfone," summarizing the growing mobility and socialization of this round of meme coin trading as "an ape on a phone." The project's community draws a parallel to the previous cycle's "a dog with a hat" narrative of Dogwifhat, emphasizing the trading behavior in which users browse social media on their phones, receive trade signals, and directly purchase meme coins.

Odaily reminds you that meme coins are highly volatile, and these community-driven tokens lack stable fundamental support—please be aware of the trading risks.

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