Cryptocurrency markets are still recovering from last week’s downturn, but memecoin mania remains alive and well, with three major tokens making waves over the weekend.

The BNB Chain community introduced TST, a token initially created for a tutorial video. However, after Binance founder Changpeng Zhao mentioned it in multiple X posts, its market capitalization skyrocketed to $300 million, eventually securing a Binance listing. Though Zhao clarified he neither supported nor opposed memecoins, he acknowledged their cultural significance and the appeal they hold for short-term traders. His attempts to clarify that TST was merely a test token only fueled its viral growth.

Meanwhile, Barstool Sports founder David Portnoy jumped into the memecoin space, launching “Montoya por favor,” inspired by a contestant from the Spanish reality show La Isla De Las Tentaciones. He excitedly told his 3.5 million followers that he was “up a billion percent” on his investment, pushing the coin’s market cap to $14 million before it rapidly plummeted to $1 million. Undeterred, he then promoted a Josh Allen MVP coin, warning potential buyers to “only invest what you can afford to lose.” This coin, too, saw a meteoric rise to over $12 million before crashing below $100,000.

Critics accused Portnoy of orchestrating pump-and-dump schemes, but he defended his actions, emphasizing transparency and humorously questioning whether he could face legal trouble. In response to his antics, someone created the JAILSTOOL token, referencing his joke about ending up in jail. Portnoy embraced the token, leading to an astonishing rise from $1.2 million to over $200 million before settling at a $78 million valuation. By Sunday, it had even secured a listing on the U.S.-based Kraken exchange.

In a surprising twist, the Central African Republic (CAR) entered the memecoin craze, issuing its own CAR token. President Faustin-Archange Touadéra promoted it as a national experiment meant to drive development and put the country on the global stage. Within hours, its market cap soared to $527 million—nearly a quarter of the nation’s $2.6 billion GDP. However, doubts arose when the project’s website was taken down, and rumors spread that Touadéra’s promotional video was a deepfake. Solana-based decentralized exchange Jupiter attempted to verify the token’s legitimacy through blockchain transactions, though its official connection to the government remains unclear.

These developments showcase the unpredictable, high-risk nature of memecoins—where internet culture, humor, and speculation collide in dramatic and volatile ways.

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