Meme Coins Ride Bitcoin ETF Hype to Huge Spikes and Crashes
• ETF and BTCETF, Solana meme coins referencing Bitcoin ETFs, spiked over 30,000% and 43,000% respectively after SEC approval before crashing
• ETF token reached a $93K market cap and $775K in trading volume from 1,900 wallets shortly after launch
• Meme coins like these are often "rug pulls" where creators withdraw liquidity, leaving investors holding worthless tokens
• Another meme coin related to CZ and Binance spiked 18,000% days earlier
• The extreme volatility demonstrates meme coins capitalizing on news events to pump risky tokens with potential for huge losses