The cryptocurrency market continues to attract attention with the latest news about Iryna meme coin, the recovery of Linea network, and SOL Strategies' NASDAQ listing.
Iryna Meme Coin Shows Dramatic Rise
On September 10, Elon Musk announced a $1 million donation to Iryna Zarutska, a Ukrainian refugee killed in the U.S. Likely due to this news, the Solana-based meme coin IRYNA surged over 180% in a short period, reaching a market cap of $27 million. IRYNA was created to honor Zarutska, with the project stating that trading fees will support her family.
The 180% surge of IRYNA, driven by Musk’s donation, reflects the power of celebrity endorsements in the meme coin markets, as seen in posts on X criticizing the creator for profiting from $100,000 in fees, while only donating $300 to Zarutska’s GoFundMe.
The $27 million market cap shows strong speculative interest, but the token’s 50%+ dump after the spike highlights volatility and potential profit-taking. With 90% of meme coins failing to maintain liquidity long-term, IRYNA’s sustainability depends on community trust and actual fee distribution to the family, which remains unverified. High-risk traders may see short-term gains, but long-term value is uncertain without clear utility.
Linea Network Resumes Normal Block Production
On September 10, Linea network resumed normal block production, as reported by Lineascan. Earlier reports indicated that Linea had not produced blocks for 32 minutes, suggesting a possible outage.
The quick recovery from a 32-minute outage, confirmed by Lineascan, restores confidence in its zkEVM Layer 2 solution, which boasts 6,200 TPS and $412.3 million in TVL. The brief outage raised concerns, as seen in posts on X regarding Linea's token generation event and 1 billion LINEA rewards. With the airdrop checker live and 9.36 billion tokens set for distribution starting September 10, network stability is critical. The incident may not deter long-term adoption, given Linea’s ConsenSys backing and MetaMask integration, but frequent outages could risk user trust and TVL growth.
SOL Strategies Lists on NASDAQ Under Ticker STKE
On September 10, Canadian blockchain company SOL Strategies received approval to list its common shares on the Nasdaq Global Select Market under the ticker STKE. According to Strategic SOL Reserve data, SOL Strategies currently holds 432,000 SOL, valued at approximately $94.9 million.
SOL Strategies’ Nasdaq listing as STKE, holding 432,000 SOL ($94.9 million), marks a milestone as the first Solana-focused treasury on a major U.S. exchange, boosting liquidity and institutional access. The stock’s 1,775% gain in 12 months on the CSE and $500 million convertible funding signal strong market confidence.
Solana’s $112.78 billion market cap and $215 price support this move, but new Nasdaq crypto rules and Bitcoin’s dip below $110,000 add volatility risks. The listing may drive SOL adoption, but regulatory scrutiny and market swings could challenge STKE’s short-term performance.
Recent events in the cryptocurrency market highlight both positive and negative aspects related to volatility and high risks. The examples of Iryna meme coin, Linea's network stability, and SOL Strategies' Nasdaq listing demonstrate the importance of news and community trust in ensuring long-term stability.
