$RFC Soars to 8th Largest Pumpfun Memecoin as Holder Base Grows by Nearly 30% in Just Two Weeks

$RFC (RFindercoin) has achieved an important milestone in the memecoin world: It’s now the 8th largest Pumpfun memecoin by market capitalization and has reached an impressive $40.02 million in that regard.

This surge in market cap seems to denote an increasing amount of attention from memecoin enthusiasts and investors alike. What’s more, the $RFC holder base has grown dramatically—almost exponentially—in just the past two weeks that we’ve been covering this story.

According to a recent update from StalkChain Token Insider, there were just 7,865 holders of $RFC 13 days ago. In that short time, the token seems to have taken off, with the amount of holders increasing to 10,213. That number signifies a 29.86% increase in the holder count for the token over those 13 days. To break it down further, that’s roughly 181 new holders per day over the duration. Who’s counting, right? But it’s hard not to, in light of this being the genesis for some apparent growing interest and confidence from investors in $RFC.

This quick rise in the number of holders doesn’t just show how popular the token is becoming, but it also gives us a glimpse of how it’s working its way into the larger memecoin landscape. More and more people are buying tokens, and it seems like $RFC is being positioned front and center as one of the standouts in a category being dubbed “Pumpfun.” This is also part of a larger trend, where even fringe memecoins are getting bought up by investors who are, for better or worse, very excited about speculative assets.

A major reason for the increasing popularity of $RFC is the social media attention it has been getting, mainly from some high-profile people in the crypto space. Musk is mentioned in almost every post about $RFC because he has interacted with the account 22 times. And these interactions get people talking—are they a sign of secret support for the coin from Musk, or are they just part of the random, whimsical way he sometimes uses Twitter?

Although no official word has come down, rumors have started swirling that $RFC could be one of Musk’s secret altcoins, given how frequently he has been engaging with it. Yet, outside of that possible connection, what even is $RFC?

Here’s what to know about the token that’s become increasingly tied to Musk.

Who created it?

In 2020, a pseudonymous user named Roshi created $RFC (which stands for ‘Roshi’s Fantasy Coin’). The coin’s key features, in addition to being a memecoin like Dogecoin, are that it was created on the Ethereum network and that it involves staking. (For more on those features and the aims of the coin, see below.)

Musk has a history of directing the course that forms market movements. This he has done particularly with the cases of Dogecoin and other, near-obscure tokens. So any interaction he has with $RFC sends the market into shock. It’s natural to think that if interaction of this sort helps push the $RFC price upwards, then it also acts as an advertisement for the next hot token—a sign that tokens can be hot again after three months of losses. And speculation about potential further involvement of Musk’s in the future has indeed played a role in attracting new token holders.

The growing appeal of $RFC is part of the broader surge in the memecoin market, where price movements and market caps grow fast for tokens that leverage memes, online culture, and social media buzz. $RFC moving up to the 8th largest Pumpfun memecoin by market cap puts it in a nice spot alongside other attention-gaining memecoins like $SHIB (Shiba Inu) and $KISHU.

While numerous memecoins survive solely on the speculative nature of buyers and the virality of trends, $RFC has experienced impressive growth because it occupies a unique space within the broader cryptocurrency ecosystem. It channels the essence of what a memecoin should be: fun and a bit chaotic. But all that is part of a well-curated act that also has increasing actual use. The token is in half of what one might call a memecoin duet. The other half, from which the majority of $RFC’s value comes, is a much more serious act.

The holder base of $RFC has increased by almost 30% in only 13 days. This might suggest that the token is not just hype but is actually being embraced by the market. Price action and demand seem to be very strong. Trading volume is also reasonably healthy, considering that it is just a new token. Overall, it’s too early to say whether RFC will be a lasting player, but it is certainly a strong candidate for the memecoin space.

$RFC, now firmly established as one of the top Pumpfun memecoins by market cap, raises a key question: Can it maintain its current trajectory? The recent growth is undeniably impressive; however, the memecoin market is a notoriously unstable one. That said, price swings can sometimes be influenced by, oh, I don’t know, the following:

Social media trends

Celebrity endorsements

How in general market sentiment can go up and down like the price of a yo-yo.

Should the whispers about Elon Musk’s covert support for $RFC turn out to be true, the token could keep raking in starry-eyed investors, sending it ever more upward in an orbit around the Earth that usually — but not always — produces more golden parachutes for its holders.

In the short term, the memecoin community has certainly sat up and taken notice of $RFC, and its recent growth in holders and market cap is a clear sign of the speculative buying and power of social media that make it popular in the first place. Like any memecoin, it’s a pop phenomenon, but $RFC has a leg up on most because its market cap is sizable enough to make it a top-10 memecoin. The next question is: Can $RFC maintain its presence and push forward to the dollar mark?

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

The post $RFC Soars to 8th Largest Pumpfun Memecoin as Holder Base Grows by Nearly 30% in Just Two Weeks appeared first on The Merkle News.