Ansem Promotion Sends mihao Market Cap Above $24 Million

Meme token mihao briefly reached a market capitalization above $24 million on Nov. 11 after trader Ansem promoted it, as the token rose more than 30-fold in 24 hours.

A later snapshot showed a $22 million market capitalization and $53 million in trading volume. The figures followed a brief move above the $24 million mark.

The move continued a Nov. 11 rally, after which mihao’s market capitalization had briefly topped $17 million in earlier TokenPost coverage.

Ansem said mihao’s avatar-based community and Chinese-language elements could help the token spread on social media and attract large traders from East and West. He also claimed on-chain markets had reached a bottom.

Earlier on Nov. 11, Ansem changed his X profile picture to an image of a cat associated with “nihao,” the Chinese pinyin greeting linked to mihao.