What is the $PING that surged 850% overnight? Can the first X402 protocol Token recreate the inscription craze?

Just yesterday, the first Token $PING issued through the Coinbase Open Source payment protocol x402 saw its market capitalization soar to $27 million in just one day, skyrocketing over 850%, driving protocol trading activity up more than 8,000%. This not only reminds people of the inscription frenzy two years ago but also signals that an AI Agent-driven payment era is accelerating its arrival.

The inscription resembles: $PING becomes the first Token of x402 narrative.

Market observer @neet_acc posted yesterday, introducing the birth of a special token $PING on the Base chain, as well as its underlying meaning. He pointed out that the minting method of PING is simple yet reminiscent, with a crude interface and a minting cost as low as 1 dollar, instantly evoking memories of the inscription craze surrounding Bitcoin two years ago.

PING's minting page: You need to connect your wallet first, then click Fetch Mint.

As the first Token born on the x402 protocol, the market capitalization of $PING skyrocketed to 27 million USD in just one day, surging over 850%, and triggering a massive increase in the trading volume of the entire protocol.

$PING coin price performance x402 protocol: AI payment revolution engine

x402 is an Open Source payment protocol developed by Coinbase, designed to enable AI Agents to autonomously complete transactions and payments.

It has revived the rarely used HTTP status code “402 Payment Required” and combined it with blockchain payments. When the AI makes a request but lacks payment information, the protocol will return a 402 status code, prompting for a cryptocurrency payment to complete the operation.

Just yesterday, Coinbase also launched a new product “Payments MCP,” allowing AI assistants to directly possess wallet, recharge, and payment capabilities without the need for API keys. When an API or website issues an HTTP request, the AI Agent can autonomously verify user assets, authorize, and complete payments without needing a subscription, logging into an account, or going through a cumbersome checkout process.

(Coinbase launches “Payments MCP”: allowing AI assistants to make automatic payments and operate wallets using stablecoins)

This design not only connects the application scenarios of AI combined with payment and blockchain, symbolizing the future of economic interaction moving onto the chain, but also provides various industries with low-cost and instant payment channels.

In-depth exploration of the outbreak of x402: Base developer ecosystem boosts momentum

The growth of x402 highlights Base's ongoing efforts to promote the ecosystem results of Open Source developers. The network strongly supports developers to issue tokens and manage their applications without permission.

x402scan data shows that in the past seven days, the total trading volume of x402 has grown by 629.5%, with more than 213,800 transactions and an amount reaching 191,700 USD. The number of buyers has increased by over 11,000%, with more than 31,000 new wallets entering.

x402scan website data x402 ecosystem rise: from payment protocol to AI economy

Although the ecosystem of x402 is still in its early stages, @neet_acc has also mentioned a few projects worth mentioning:

Questflow: A multi-AI Agent collaboration layer that has received $6.5 million in funding, and has also been granted support from the Coinbase Developer Platform, Aptos, and Virtuals.

AurraCloud: AI Agent hosting and payment services, with a market capitalization of approximately 1.6 million USD for the $AURA Token launched via Virtual.

PayAI: A payment service based on Solana but operating in a multi-chain parallel manner, with a Token $PAYAI market capitalization of approximately 5 million USD.

Daydreams: Build an LLM inference platform that can be paid with x402, with a token $DREAMS market capitalization of approximately 6.7 million USD.

Gloria AI: An instant news service based on AI Agent, aimed at traders and creators, with a token $GLORIA of approximately 1.65 million USD.

Kite AI: Build a payment and identity layer based on the AI Agent “Smart Network (Agentic Internet)”, which has received $33 million in Series A funding led by PayPal Ventures, the most anticipated and yet to issue a coin.

Today, the success of $PING not only drives protocol traffic but also symbolizes the transition of the x402 ecosystem from concept to reality. In the future, we can expect to see more disruptive projects, products, and the “x402 concept coin.”

What is the $PING that surged 850% overnight? Can the first x402 protocol Token recreate the inscription craze? First appeared in Chain News ABMedia.