Elon Musk's reaction to a post from the Base ecosystem meme coin Russell with a 'fire' emoji on X led to a significant price surge, tripling its value before a subsequent retreat. The meme coin's market cap reached $9.4 million, with a 24-hour trading volume of $5.5 million, according to on-chain data. Despite the excitement, Chainthink cautions investors about meme tokens like Russell, highlighting their lack of real-world utility and reliance on hype. Investors are advised to exercise caution when engaging with such volatile assets.