Meme coin Snowball hits a new all-time high today, surpassing $11 million in market capitalization, and is now slightly retraced to $8.1 million.

BlockBeats News, December 23rd, according to GMGN monitoring, the on-chain Solana Meme coin snowball reached a daily high market value breakthrough of 11 million US dollars today, currently slightly dropping to 8.1 million US dollars, with a current price of around $0.008.

It is reported that this Meme coin is the first on Solana's chain to automatically use 100% of the Pump.fun platform creator fees for its own liquidity. The token has been online for four days, and discussions on the X platform continue to heat up. Some optimistic believers believe that its mechanism has created sustainable real buying pressure, leading to a "snowball" growth style, which also aligns with the Christmas theme. However, some bearish groups believe that the current situation is still a FOMO market, and there is a potential risk of Dev wallet selling. The primary attribute of this token is as a Meme coin, and the innovative mechanism is only additional value.

BlockBeats reminds users that Meme coin trading is highly volatile, relying heavily on market sentiment and concept hype, with no actual value or use case. Investors should be aware of the risks.