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FollowingFrom Silence to Outbreak: A Poker-Faced Cat Man's 24-Hour Memin
A Solana memin built around a man wearing a face-blank cat suit, has experienced nearly two weeks of near-silence, ushered in a remarkable one-day market volatility.
The $KET token, which is based on the Pumpfun platform and traded through @ket_on_solana, soared by about 700% in 24 hours, and its market value once hit a high of US$14 million, then fell back to about US$8.4 million, down about one-third from its peak.
Data behind the volatility
This price volatility was accompanied by real active trading on both sides of the order book. During the period, 20,040 buys and 18,986 sells were recorded, with the purchase volume only slightly higher than the sell volume. In a market where one-sided markets tend to collapse quickly, this balance is crucial. The token's audit status is healthier than that of many similar projects: there are 3,652 holders, with the top ten wallets controlling 31.6% of the supply, while @ket_on_solana's development wallet holds zero. This detail eliminates a big red flag that traders were often wary of in early Solana tokens.
$KET also passed an important structural milestone by "graduating" to PumpSwap. PumpSwap is a Solana Automated Market Maker (AMM) that aims to complete the life cycle of Pump.fun tokens by transferring assets from joint curve trading to a post-graduation liquidity pool. At graduation, liquidity in the joint curve is locked into a PumpSwap pool and LP tokens are destroyed, which means that specific liquidity cannot be withdrawn, preventing "carpet pulling" behavior during the migration process. For a token that is still in the establishment stage, this structural lock-in is crucial.
Background and Risk
The broader context is worth noting. Pump.fun is a codeless Solana platform that allows anyone to easily issue memin coins, making token creation fast, low-cost and friendly to new users. This convenience has both advantages and disadvantages. Most memo buyers lose money and the data is unambiguous. Research firm Solidius Labs inspected Pump.fun tokens issued before April 2025 with at least five transactions and found that 98.6% of the tokens had residual liquidity below $1000, marking a typical "pull-up shipment" model., resulting in losses for later buyers.
The narrative of $KET has not changed due to price. It is still a man in a deadpan cat suit, telling you not to become that person. Whether the communities that support this concept have lasting appeal to maintain attention, rather than just a one-day market, will be the only important question in the future. Non-financial advice.
