The on-chain Meme coin Snowball on Solana continues to pump, with a 24-hour increase of over 500%.

BlockBeats news, on December 22, according to GMGN monitoring, the on-chain Meme coin Snowball on Solana has continued to pump, with a 24-hour rise of over 500%, reaching a market capitalization high of 8 million USD, currently about 7.6 million USD, with a current price of 0.0076 USD. It is reported that this Meme coin is the first on the Solana chain to automatically use 100% of the creator fees from the Pump.fun platform for its own market-making. The token has been online for three days now, and discussions on the X platform are heating up. Some optimists believe that its mechanism creates sustainable real buying pressure, forming a “snowball” growth, and fits the Christmas theme; while some bears argue that the Dev wallet still poses a potential risk of selling the accumulated tokens for market-making, and the current rise still belongs to a high-risk FOMO market in the short term. BlockBeats reminds users that trading of Meme coins is highly volatile, heavily relying on market sentiment and speculative hype, with no actual value or use case, and investors should be cautious of the risks.