Winnie the Pooh-Themed Cryptocurrency (POOH) Surges 46% in 24 Hours, Market Cap Tops $17M

POOH POOH/USD, created solely for entertainment purposes, jumped 46% in the last 24 hours, according to CoinMarketCap data

A cryptocurrency inspired by the beloved Winnie the Pooh character has seen a surge in value, offering substantial gains to its holders.

According to data from CoinMarketCap, POOH POOH/USD soared by 46% in the last 24 hours. The token has also witnessed a remarkable rise of over 100% in the past week.

With this parabolic surge, POOH's market cap has soared past the $17 million mark. CoinMarketCap data shows that around $3.42 million worth of trades involving POOH were executed in the last 24 hours, indicating an increase of 17.66%.

Interestingly, this surge comes at a time when more popular currencies, such as Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD, are exhibiting sluggishness.

Despite having a significantly lower valuation compared to top meme coins, the Ethereum-based coin's trajectory over the year has piqued interest.

After launching last year, POOH initially exploded but quickly crashed. It remained dormant throughout the bear market with minimal activity until March's memecoin frenzy brought it back to life.

Since then, the token has surged by more than 5X in value.

Currently, there is excitement within the community regarding a proposal to burn 13 Ether worth of POOH, which constitutes around 4.4% of its total supply. Such events are typically designed to apply deflationary pressure to the asset.

Memecoins have flourished in 2024, largely driven by a broader improvement in sentiment for the cryptocurrency market.

POOH appears to be capitalizing on the memecoin frenzy, supported by a loyal community and the universal fondness for the iconic animated character.

The coin explicitly states that it is "useless," emphasizing that it carries no intrinsic value or expectation of financial return.

Interestingly, another coin of a similar nature, Pepe PEPE/USD, has yielded an impressive 842% return to its holders over the year.

It's important to note that memecoins are known for their volatility, so conducting thorough research (DYOR) before investing is always advisable.

At the time of writing, according to CoinMarketCap, POOH was trading at $0.00000004187, having risen by 46% in the last 24 hours.