In a surprising turn of events, Solana-based tokens named "Operation Sindoor" have begun circulating in the market, sparking interest among investors seeking to capitalize on the momentum generated by the military confrontation between nuclear nations India and Pakistan.
These tokens, which have been advertised on decentralized exchanges, have shot up by 24% with trading volumes of just over $20K. However, industry analysts are raising concerns over the lack of key indicators of legitimacy for these assets.
Named after themes like "Operation Sindoor" and "Pahalgam," these crypto assets, mostly with low market capitalizations and minimal trading volumes, have surfaced on the Solana blockchain. Some of the tokens linked to "Operation Sindoor" appeared just hours ago, just after India launched precision strikes on Pakistan terror camps on Tuesday.
Many of these tokens lack 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.
In other news, 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.
