Meme coin MICHI skyrockets following Ariana Grande's Instagram post

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An Instagram story from singer Ariana Grande ended up in an 18% leap performed by Solana-based meme coin Michi (MICHI) in less than one hour. The price growth happened after known Solana bull Ansem shared Grande’s post showing the cat that illustrates MICHI using a costume worn by the singer.

gmichi pic.twitter.com/FBN5jJ0upK

— Ansem 🐂🀄️ (@blknoiz06) June 10, 2024

The publication was enough to skyrocket MICHI’s price, followed by a quick correction. Nevertheless, the token is still up by 9% in the last 24 hours, according to data aggregator CoinGecko.

MICHI is one of the 15 meme coins issued on Solana that boast a market cap of over $100 million, and one of the top three gainers in the last 24 hours within this category. The cat-themed token is currently bested only by Beercoin (BEER) and Ponke (PONKE), which has risen 12.3% and 18.4% in the period.

Notably, four of the five crypto categories with the highest daily returns are related to meme coins. Base meme coins are up nearly 14% boosted by the frog-themed coin Roxy Frog (ROXY), which also boosted the 6.7% rise seen in the frog-themed meme coins category.

The Base meme coin ecosystem was also responsible for the good performance registered by cat-themed coins, as the token Poncho (PONCHO) shot up by almost 67% in the last 24 hours. Solana-based meme coins wrapped up the group with a 5.4% growth in the period.

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