Solana-Based Operation Sindoor Token Gains Traction Amid India’s Missile Strike on Pak
Highlights
- Solana-based Operation Sindoor token are running primarily on decentralized exchanges, with a 24% price increase.
- Analysts raised concerns about the legitimacy of these tokens, noting the absence of essential features such as whitepapers.
- Despite geopolitical tensions and the anticipation surrounding the FOMC meeting, the broader crypto market remains stable.
As the two nuclear nations – India and Pakistan – engaged in a military confrontation on Tuesday, Solana-based token under the name of ‘Operation Sindoor’ has started floating in the market, as investors seek to ride the momentum. These tokens have been majorly circulating on decentralized exchanges and trading up 24% with trading volumes of just over $20K.
Newly Created ‘Operation Sindoor’ Solana Tokens Raise Concerns
A series of newly minted crypto assets, named after themes like “Operation Sindoor” and “Pahalgam,” have surfaced on the Solana blockchain. Most of these tokens have low market capitalizations and minimal trading volumes, with some linked to “Operation Sindoor” appearing just hours ago, just after India launched precision strikes on Pakistan terror camps on Tuesday.
Industry analysts have noted the lack of key indicators of legitimacy for these assets. Many tokens fail to provide essential documentation such as whitepapers, official websites, or active social media channels, which are typically expected from credible projects.
Major market events tend to create hype in the early hours, with some players capitalizing on it. We have often seen this with Solana-based meme coins launched after celebrities or things. However, the liquidity usually dries up after the event fades, and retail players need to maintain caution while riding these trends.
Crypto Market Reaction in the Aftermath
In the aftermath of these attacks, the crypto market remains largely stable today while investor optimism picks up once again ahead of today’s FOMC meeting. There’s a 95% probability that the Fed rate cuts won’t happen during this meeting, however, the market seems to be looking past that.
As of press time, Bitcoin price is trading 3.43% up at $96,988, as investors await a potential breakout to $100K levels and beyond to fresh all-time highs. On the other hand, altcoins have also gained momentum with top players gaining 3-5% today, while awaiting the passing of crypto legislation by the US Senate.
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