Benzinga – A cryptocurrency themed around the adorable Winnie the Pooh character has boosted the fortunes of its holders after raking in big gains lately.
What Happened: POOH (CRYPTO: POOH), created solely for entertainment purposes, jumped 46% in the last 24 hours, according to CoinMarketCap data. Over the past week, its value has more than doubled.
With the parabolic lift, the token’s market cap surged past $17 million. Around $3.42 worth of trades involving POOH were executed in the last 24 hours, marking an increase of 17.66%. The surge comes at a time when the more popular currencies like Bitcoin (CRYPTO: BTC), and Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) exhibited sluggishness.
Despite having a substantially lower valuation when compared to top meme coins, the Ethereum- based coin’s trajectory over the year piqued interest.
POOH exploded immediately after its launch last year but crashed soon after. It survived the bear market with little to offer until March’s memecoin frenzy roused it from hibernation. Since then, it has surged more than 5X in value.
Currently, the enthusiasm in the community is soaring over a proposal to burn 13 Ether worth of POOH, worth about 4.4% of its total supply. Typically, such events deflationary pressure to the asset.
I have a draft proposal to burn nearly 2 Trillion $POOH
