By Hassan Mehmood (Saudi Arabia)
Cryptocurrency MEME is currently trading at $1,839 after surging by 108% in the past 24-hours. It is basically a joke cryptocurrency that attracted the attention of speculators after being listed on Poloniex.
Coin Creation after a Tweet
The cryptocurrency created after ConsenSys developer Jordan Lyall satirized the yield farming bubble. Lyall tweeted,” 11 days ago the Meme Team was born just minutes after my degenerator tweet mocked YOLO DeFi development. Now: against all odds, and irony, it’s a passionate community experimenting with DeFi and art.”
The supporters of the joke cryptocurrency advertise the project with the label ‘don’t buy MEME.’ MEME price has been increased by more than 900% since the beginning of September. It is now ranked at 252 with a market cap of over $51 million, while the current supply of the coin is 28,000 MEME.
Within 30 minutes of MEME creation, the total supply (28,000) distributed in chunks of 250 to respective Telegram users.
Token has gained a price boom after listing on cryptocurrency exchange Poloniex, which is the sixth exchange to list MEME coin. However, over 72% of the cryptocurrency trading takes place on Uniswap.
Some members of the crypto community even dumped coins as they did not see any potential in it. But now they are regretting their decisions. EthHub co-founder Anthony Sassano said,” I was one of the original airdrop recipients of 350 $MEME tokens and sold them on day 1 because, at the time, it was just a random token with no use. Turns out that it became a legit project and 350 $MEME is currently worth $300,000.”
DeFi Craze
The DeFi craze is similar to the ICO bubble as people are putting a lot of capital into it without even finding any potential in it. Stellar CTO Jed McCaleb said in an interview with CoinMarketCap:
“There are some exceptions that do, but I think it is a bit overhyped — no one’s even using these things in a normal way….do we really need derivatives on them and all this other kind of stuff when they’re not even being used by people other than just to speculate on it?”
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