The value of a memecoin based on Cardinal Pietro Parolin surged 770% amid speculation about his potential succession of Pope Francis, with substantial trading activity on Solana’s Raydium exchange. Overall market interest is high, with over $3 million wagered on the likelihood of various Cardinals succeeding the Pope. Discussions on meme coin risks highlight their speculative nature.
A memecoin inspired by Cardinal Pietro Parolin, the Vatican’s Secretary of State, witnessed a dramatic surge of 770% in value, reflecting market speculation regarding his potential succession of the late Pope Francis. The POPE token, operating on the Solana blockchain, reached a market capitalisation of approximately $260,930, as recorded by CoinMarketCap.
In parallel, another memecoin linked to Cardinal Luis Antonio Tagle saw its value increase by 1012% within the same time frame. Both tokens are characterised by low liquidity and are exclusively tradable via Raydium, a decentralised exchange on the Solana platform. Notably, CoinMarketCap has indicated that these memecoins are yet to undergo verification, urging traders to conduct their own research.
This price rally corresponds with heightened speculation regarding the future leadership of the Catholic Church, left vacant following Pope Francis’s demise at the age of 88. According to Polymarket, cryptocurrency bettors have assigned a 34% likelihood to Cardinal Parolin as the next pope, while Cardinal Tagle has been given a 23% chance. To date, over $3 million has been wagered on the outcome of this significant religious event.
Additionally, betting odds suggest a 65% probability that the subsequent Pope will be European, with only a 22% chance of an Asian candidate. It is relevant to note that Cardinal Parolin hails from Italy and Cardinal Tagle is from the Philippines.
Cautionary note: Investing in meme coins is notably speculative and risky. Such coins usually lack fundamental value and are influenced by market sentiment, social media activity, and speculative trading patterns.
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