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The price of Happy Cat (HAPPY), a new meme coin on Solana (SOL), has surged by about 129% in a single day.
According to CoinGecko, the price of HAPPY has risen from $0.017 to $0.039 within the past 24 hours, gaining approximately 129%.
However, the price of HAPPY has since begun to decline. At the time of writing, the meme coin is trading in the $0.028 range.
Why is the Price of HAPPY Rising?
One reason for Happy Cat’s price increase could be the announcement on November 11 that the centralized exchange (CEX) MEXC listed HAPPY for spot trading.
~10 mins till the $HAPPY/USDT trading goes LIVE on #MEXC!
Get ready to trade ??https://t.co/hpZNNl7YnZ https://t.co/iaAeCVTbKf pic.twitter.com/HDosgZk61s
— MEXC (@MEXC_Official) November 11, 2024
Additionally, other crypto exchanges, such as BitMart, ButKan, and XT Exchange, also announced they had added the token on November 12.
#BitMart will list Happy Cat (HAPPY) @HappyCatArcade on our digital assets platform on November 15, 2024 ??
??Trading pair: HAPPY/USDT
??Deposit: 11/13/2024 10:00 AM UTC
??Trading: 11/15/2024 10:00 AM UTCLearn more: https://t.co/YltX2ZgEuo pic.twitter.com/bcq3vuq1Fd
— BitMart (@BitMartExchange) November 12, 2024
As HAPPY is based on Solana, much of its trading volume comes from exchanges within the Solana ecosystem.
According to CoinGecko, Raydium, a decentralized exchange (DEX) on Solana, ranks first for HAPPY trading volume with 71.05%, followed by MEXC at 19.3%, which added the token on November 11.
HAPPY Is New Meme Coin on Solana
According to its official Telegram channel, the HAPPY token launched on the Solana blockchain on November 7.
According to official data, happy Cat is a Telegram game that already boasts over 1 million users. During the airdrop, most tokens — 80% of HAPPY — were distributed to players.
Additionally, 10% went to Solana mobile holders, while the remaining 10% was allocated to the liquidity pool (LP).
This is not the first time Solana meme coins have been airdropped to mobile holders.
In December 2023, Solana Mobile holders participated in the airdrop of Bonk (BONK). Due to token distribution, some eager buyers had to wait in line for the chance to purchase devices.
