PING Token Rockets by $36M Amid Meme Hype, Experts Advise Caution

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PING Token Rockets by $36M Amid Meme Hype, Experts Advise Caution

Bitget-RWA2025/10/25 02:32

By:Bitget-RWA

The PING token, which operates on the x402 Protocol, has recently drawn widespread interest within the crypto community, reaching a market cap of $36 million as of October 24, based on figures from

Lookonchain

. This represents a remarkable 970% surge in just 24 hours, fueled by intense activity on the open payment protocol created by

Coinbase

. The token’s momentum is attributed to its innovative features, its novelty, and the dynamic environment of Coinbase’s Base chain.

Since PING’s introduction, the x402 protocol—which allows AI agents to independently carry out transactions—has experienced extraordinary expansion. Over the last week, trading volume on the protocol soared by 8,218.5%, and the number of new buyers skyrocketed by more than 1.5 million percent, according to

Coinfomania

. This explosive growth supports Coinbase’s approach of fostering open-source development, with PING—launched by the decentralized analytics initiative Ping Observer—acting as a catalyst for wider adoption. The process to mint PING, which costs about $1 for 5,000 tokens, has drawn parallels to the 2023 runeword phenomenon, but on a much grander scale, as noted in a

Lookonchain report

PING Token Rockets by $36M Amid Meme Hype, Experts Advise Caution image 0

The swift climb of PING has also brought attention to the unpredictable nature of meme-based cryptocurrencies. Although its market value briefly surpassed $42 million earlier in the week, it has since settled near $36 million. Experts warn that tokens like PING often lack substantial utility and can experience dramatic price fluctuations. BlockBeats and other analysts have consistently highlighted the dangers of speculative trading, observing that PING’s pattern is similar to other fleeting crypto fads.

Coinbase’s involvement in this surge is significant. The integration of the x402 protocol with Base, Coinbase’s Layer 2 blockchain, has enabled rapid experimentation with new token launches. Recently, JPMorgan analysts raised their outlook on Coinbase shares, pointing to a $34 billion opportunity linked to the potential monetization of Base’s native token, according to

Coindesk

. This highlights the broader importance of x402 as a hub for developer-led innovation, even as PING’s speculative nature dominates the conversation.

The recent excitement has also boosted interest in other “x402 concept tokens,” with projects such as CLANKER and

VIRTUAL

seeing significant upward movement. Still, the long-term viability of these trends is unclear. While on-chain data indicates strong liquidity on platforms like api.ping.observer, the absence of core value indicators for PING and similar tokens casts doubt on their future adoption.

As the market reacts to this latest surge, the performance of the x402 protocol may indicate a broader transformation in how decentralized networks encourage developer engagement. For now, PING’s dramatic rise stands as both an example of speculative mania and evidence of Coinbase’s expanding role in shaping the future of crypto infrastructure.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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