The x402 protocol token PING experienced a significant market movement on October 24, with its market capitalization briefly surpassing $15 million before settling at $12 million. This surge represents a 456% increase in the past 24 hours, accompanied by a trading volume of $3.5 million. Developed by Coinbase, x402 is an open payment protocol designed to enable AI agents to autonomously execute transactions. The minting process for PING is reminiscent of the inscription process from two years ago, with a cost of approximately $1 per mint, potentially yielding 5,000 tokens. Despite the impressive gains, Blockbeats warns that meme coins like PING often lack practical use cases and can be highly volatile, urging investors to exercise caution.