Token Spotlight: NIKE

On June 17th, 2024, Charles Hoskinson, the founder of the Cardano blockchain, announced on X that he has a pet pig named Nike. Charles’ pet quickly became popular within the community, and the X post went viral. This enthusiastic response highlighted the Cardano community’s unity and strength, even attracting memecoin enthusiasts from other blockchains. As is tradition in crypto, it wasn’t long before a memecoin with the ticker $NIKE was created and launched on a Decentralized Exchange. This article delves into NIKE, its distribution, trading volume, and more.

Distribution & Tokenomics

NIKE Distribution Pro page on TapTools

NIKE has a total supply of 1 billion tokens. Currently, 1 billion tokens are in circulation, at 0.00622 ADA per $NIKE, this gives the token a circulating Market Cap of $5.62 and a Fully Diluted Market Cap of $5.62M, placing it at #20 in the Top 50 tokens on Cardano by market valuation.

There are currently 5,415 wallets holding $NIKE, up 13.14% in the last 7 days. The token has a Median Holder Balance of 9.38K $NIKE, equivalent to 174.87 ADA, and an Average Holder Age of 15.89 days.

Examining the tokenomics of $NIKE, 100% of the token supply went into LP% and thus the token is fully circulating.

Liquidity

NIKE Liquidity Pro page on TapTools

$NIKE has 456.18K ADA in pooled liquidity across 5 Decentralized Exchanges on the Cardano blockchain. More than half of this liquidity is on SundaeSwap V3 which has 60.41% of the tokens liquidity, followed by Minswap which has 21.02, and Splash being the third most liquid DEX for this token with 14.63% of the tokens total pooled liquidity.

Volume

NIKE Volume Profiler Pro page on TapTools

NIKE has a Lifetime Trading Volume of 115.73 million ADA, equivalent to 9.93 billion NIKE, across 109,588 trades on Cardano Decentralized Exchanges. 58.10 million ADA of this was buy volume, while 57.63 million was sell volume. The swordfish (25–100K ADA) wallet size led this token in trading volume, while whales (1M+ ADA) had the least trading volume.

Conclusion

The viral success of the $NIKE memecoin, inspired by Charles Hoskinson’s pet pig, has demonstrated the power and unity of the Cardano community. This phenomenon has attracted memecoin enthusiasts from other blockchains, significantly shifting their perceptions of Cardano. The community’s rallying behind $NIKE has led to its rapid market adoption, with notable liquidity and a growing holder base. With significant trading volume and strong engagement, $NIKE’s performance highlights the dynamic and supportive nature of the Cardano ecosystem. It will be interesting to see how the NIKE project evolves over the coming weeks and months and how it contributes to the Cardano ecosystem.

You can find out more about NIKE at the following link: https://nikepig.com/