$MOHAMMAD Coin Hits $90M in Trading Volume as Crypto Community Creates Another Fake Token

The crypto world has done it again – this time with MOHAMMAD Coin, a token that’s branded as “The Only Official Coin of $MOHAMMAD.” Running on the Solana blockchain, it quickly grabbed attention, racking up an eye-popping $89.8 million in 24-hour trading volume.

It’s the same old story, though. MOHAMMAD Coin saw a massive surge in price early on, as buyers flooded in and the token hit a market cap of $1.7 million. But the excitement didn’t last long. After the initial pump, things started to fall apart, with the price steadily dropping throughout the day.

According to DEXScreener, there were nearly 265,000 trades on the token in just one day, with over 153,000 buy orders and 111,000 sell orders. The buy and sell volumes were almost neck and neck, at $45 million and $44.8 million respectively. Despite all this action, the liquidity sat at just $293,000 – leaving little to support the token’s price once the hype cooled off.

Memecoins like MOHAMMAD Coin are nothing new in crypto, but they keep proving how easily the community can rally behind anything with a catchy name or concept. Whether this was a joke, a publicity stunt, or just another speculative frenzy, it shows how quickly hype can create (and destroy) value in the space.