The market is vibing to the news of random meme coins making it to the top. Recently, the meme coin based on Cardinal Secretary of State Pietro Parolin gained value fast. But why did this development gain ground so fast?
Pietro Parolin is supposed to become the next contender after the demise of Pope Francis.
# Recent Developments
The token POPE, operating over Solana’s network, has increased its value by 770% in the last 24 hours. Consequently, the net value of the coin increased to $260,930, as CoinMarketCap suggests.
Similarly, another meme coin, based on Luis Antonio Tagle, another Catholic clergyman. Hyped up by 1012% yesterday. The 24-hour growth was staggering.
But why did the growth of the coins gain so much traction? The reason is simple. Firstly, both tokens have been going through high liquidity, and you could trade the coins through Raydium only. Meanwhile, Raydium is a Solana-based decentralized exchange.
CoinMarketCap came up with another statistic that makes the shift even more meaningful. The crypto platform revealed that meme coins were not yet verified.
# What Matters the Most?
The price rally ignited over constant speculation about who would be taking the prime position in the Catholic Church. Pope Francis’ demise left the position open. Meanwhile, crypto betters placed the biggest odds of 34$, rooting for the ascension of Parolin and 23% for Tagle, as per PolyMarket data.
People have already bet $3 million based on the projected outcome. Another betting contract says that the odds of a European becoming the next Pope are 65%. Meanwhile, there are 22% chances that the position would be held by an Asian.
On that note, know that Parolin fares from Italy, whereas Tagle hails from the Philippines.
