x402's PING Token Soars by 346%—Experts Warn of Meme-Style Price Swings

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x402's PING Token Soars by 346%—Experts Warn of Meme-Style Price Swings

Bitget-RWA2025/10/25 01:27

By:Bitget-RWA

- x402's PING token surged 346% to $57M market cap in 24 hours, driven by 701.7% transaction growth on Coinbase's AI-focused protocol. - Protocol's 5,000 tokens/$1 minting model and 8,218.5% volume spike highlight Base ecosystem's rapid adoption, with 31,000 new buyers in a week. - Binance Wallet listing and Base-linked tokens like CLANKER (119% gain) amplified exposure, though analysts warn of meme-like volatility and limited use cases. - x402's success underscores community-driven token potential, with P

On the morning of October 25, the x402 Protocol token PING experienced a remarkable surge, reaching a market cap of over $57 million—a 346% jump within 24 hours—and saw $39.5 million in trading volume, according to the

Lookonchain report

. Earlier that day, the token’s price spiked 17% in a single hour, pushing its valuation past $33 million after once again surpassing the $30 million mark, as reported by

Coinotag

. This rapid growth has led to comparisons with the meteoric rise of runewords tokens, with PING’s minting mechanism allowing users to receive 5,000 tokens for every $1 invested, as detailed in a

Lookonchain analysis

The impressive rally of PING has been driven by heightened activity on the x402 open-source protocol, which was created by

Coinbase

to facilitate autonomous transactions for AI-powered agents. Over the last week, the number of x402 transactions soared by 701.7% to reach 163,600, and trading volume skyrocketed by 8,218.5% to $140,200, based on data from a

Coinfomania report

. This expansion fits into Coinbase’s larger plan to support developers through its Base ecosystem, with x402’s transaction volume increasing by 629.5% over the past month.

x402's PING Token Soars by 346%—Experts Warn of Meme-Style Price Swings image 0

Since PING’s launch, the Base ecosystem has seen a wider uptrend, with tokens such as CLANKER and

VIRTUAL

posting gains of 119% and 10.2%, respectively, according to a

Lookonchain coverage

. The addition of the x402 protocol to Binance Wallet’s market section has further increased its visibility, which could impact liquidity, as noted by Coinotag. Still, experts warn that many tokens tied to x402 have limited real-world utility and are highly volatile, raising concerns similar to those surrounding meme coins, as highlighted by Lookonchain.

Coinbase’s efforts to attract developers seem to be yielding results, with the number of x402 buyers skyrocketing by 1.5 million% to 31,000 addresses in just one week, Coinfomania reported. The protocol’s achievements highlight the promise of community-driven token launches, as demonstrated by PING reaching a $20 million market cap within days of its release, a milestone also noted by Coinfomania. Should this momentum continue, x402 may become one of Coinbase’s standout projects since the introduction of Base.

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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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