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.
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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