The Solana-based meme coin '114514' has reached a market capitalization of $16.86 million, following a peak of $20 million earlier today. This marks a new all-time high for the coin, which saw a 24-hour increase of 597%. The coin's name, '114514', is derived from a Japanese phrase that conveys a welcoming yet chaotic vibe, originating from an internet persona known as 'Beast Senior'. Despite its popularity, BlockBeats cautions that meme coins like '114514' often lack practical use cases and can experience significant price volatility, urging investors to remain cautious.