The Solana-based token "US Oil" (USOR) surged over 150% on Monday, with its market capitalization briefly surpassing $40 million. The rise was attributed to traders linking it to news about the US selling Venezuelan oil assets. The token traded above $0.04, with a daily trading volume approaching $20 million. It claims to represent the "On-Chain Reserve Index," but no verifiable supporting evidence has been provided. Analysts and on-chain data warn that this surge may be speculative, pointing out suspicious chart patterns, coordinated promotion, and high wallet concentration, reminiscent of previous political-themed "meme coins" surges.
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The Solana-based token "US Oil" (USOR) surged over 150% on Monday, with its market capitalization briefly surpassing $40 million. The rise was attributed to traders linking it to news about the US selling Venezuelan oil assets. The token traded above $0.04, with a daily trading volume approaching $20 million. It claims to represent the "On-Chain Reserve Index," but no verifiable supporting evidence has been provided. Analysts and on-chain data warn that this surge may be speculative, pointing out suspicious chart patterns, coordinated promotion, and high wallet concentration, reminiscent of previous political-themed "meme coins" surges.