Solana Meme Coin Surges After Ariana Grande Shares Instagram Story

Michi, yet another meme coin associated with Solana (SOL), experienced an 18% surge early Monday, as per CoinGecko. This uptick followed pop star Ariana Grande sharing the meme on her Instagram story, an action which many interpreted as Ariana openly supported the meme coin.

Michi Takes Over

The meme coin depicted Michi holding a pink love potion amidst posters featuring a man adorned with kiss prints on the wall. Created by a Grande fan account, this edit was a nod to a music video for her song The Boy Is Mine.

After Ariana shared her Instagram story, Michi saw a modest 3% increase to $0.22 over 8 hours. However, when crypto influencer Ansem, known for boosting coins like Dogwifhat (WIF), highlighted the repost on X, Michi surged 18% to $0.26 within an hour.

Another Celebrity Joins In

The aforementioned spike occurred amidst a trend of celebrities venturing into crypto. Caitlyn Jenner launched two meme coins, Iggy Azalea introduced her own, and former kickboxer Andrew Tate went on a meme coin buying spree.

Speculation arose on Crypto Twitter regarding the authenticity of the repost, but many believe it was a genuine act. Michi had garnered meme status prior to becoming a meme coin, suggesting that most people sharing the image may not be aware of its crypto ties. Lastly, the repost does not seem to be a result of a hack, as Grande continued her usual social media activity, including posting a birthday message for her mom.