Cryptocurrency enthusiasts have been recently monitoring a sudden surge in WOJAK, an Ethereum based memecoon, which jumped an incredible 1041% in the past week. The sudden rise in its popularity has drawn in eager speculators as well as a few warnings from cryptocurrency experts. WOJAK is based on a drawing of a bald man with different facial expressions and originated on the /r9k/ board of 4chan in 2010, but didn't become popular until the middle of the decade.

The coin was listed on a variety of exchanges including BitGte, Huobi, BTCEX, and SuperEx this week. In spite of the recent surge in its growth, Wesley Wang, founder of Rootz Labs and ex-head of innovation at Huobi Global, has urged potential buyers to be cautious about the hype. He told BeInCrypto, “memecoins lack utility and are full of hype compared to other altcoins which can be verified on the blockchain.”

Erik Saberski, vice president of Data Science at The Tie, also addressed the unusual increase in activity in what he called “memecoins season”. According to Erik, the WOJAK spike is different as it has occurred two weeks after its first rise, with 4,000 active users and roughly 12,000 transactions every day.

At the same time, popular coins like Dogecoin and Shiba Inu have been heavily declining in trading and investment. The surge of the WOJAK memecoin has created an exciting opportunity for people, however, it is important to remember that these hypes don't typically last very long and that caution is necessary. Ultimately, it remains to be seen what will happen to the growth of WOJAK, but for now it's exciting to watch and monitor.



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