Snake-Themed Crypto Shoots Up Impressive 183868% Ahead Of Lunar New Year, But Here's Why You Should Be Wary Of This Serpent

Snake-themed cryptocurrencies skyrocketed ahead of the Lunar New Year, ushering in the Year of the Snake.

What happened: In just nine hours after its launch, the BNB Chain (CRYPTO: BNB)-based Year of the Snake token surged by 183868% to a market valuation of $48.19 million, according to CoinMarketCap.

However, the coin's valuation was inflated considering a markedly low liquidity of just over $1 million.

Similarly, the Solana (CRYPTO: SOL)-based Chinese New Year token lifted 239% in the last 24 hours.

At the time of writing, these coins were only available on decentralized exchanges and had not yet been independently validated, according to CoinMarketCap’s disclaimer.

Benzinga’s Note: Tokens associated with festive themes, such as those surrounding the Lunar New Year, often experience heightened volatility due to their low liquidity and smaller market capitalizations. Investors are advised to DYOR before proceeding with such investments.

See Also: Elon Musk’s DOGE Department Reportedly Eyes Blockchain To Slash Federal Spending—Justin Sun Says Tron A Good Option

Why It Matters: The Lunar New Year, also known as Chinese New Year or Spring Festival, is a significant cultural celebration that marks the beginning of a new year based on the lunisolar calendar.

In 2025, the Lunar New Year will begin on January 29, with Snake as the zodiac animal, the sixth in the Chinese zodiac cycle. 

The Chinese zodiac is a 12-year cycle that associates each year with an animal sign. Last year was the Year of the Dragon.

Photo Courtesy: Shutterstock.com

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