Degenerator or MEME, a dark project that started as a drop of air for Telegram users, has managed to hit a $ 3M market cap and is trying to establish itself as a non-fungible token growing protocol (NFT).
MEME was born from a joke by ConsenSys DeFi product manager Jordan Lyallwho created a joke ad ‘The degenerator‘, A fictional tool for creating performance crop tokens inspired by Ponzinomics.
The joke quickly caught on in the crypto community and received significant engagement on Twitter. However, Within hours of Lyall’s release, someone had coined a token nicknamed “The Degenerator” and listed it on CoinGecko under the name “MEME”.. The total offer of the 28,000 token asset was quickly distributed to interested parties by telegram.
At the time of this writing The token has a 24-hour trading volume of USD 331,750 and is the 610th largest crypto asset with a market capitalization of USD 3.1 millionand the last time it changed hands it was for around USD 109 e.g. Horror by Lyall.
Please stop buying #MEME this is getting out of control.
You will likely lose money.
It is literally a meme token that is now in the hands of the community. It literally doesn’t do anything unless you want it to.
– DeFi Dude ⟠ (defidude.eth) (@defidude) 15th August 2020
The satirical tweet started “a passionate community of local ETH builders, artists and internet trolls” and Within two weeks, the project had become the “world’s first meme farming experiment,” raising $ 500,000 in the first 24 hours of finding its newfound utility.
The meme log now includes two groups that users can save MEME into to earn crypto collectibles. The deposit of tokens for liquidity providers leads to an NFT of “legendary” rarity for the ETH / MEME group of Uniswap.
NFTs represent prominent figures within the crypto communityThese include the co-creator of Ethereum (ETH), Vitalik Buterin, the CEO of Binance, Changpeng Zhao, the CEO of Chainlink, Sergey Nazarov, and the potential creator of Bitcoin (BTC). Dorian Nakamoto.
Holders of 100 or more MEME tokens are now members of MemeDAO, the organization that manages the protocol. Including the value stored in the DAO from the DAO onwards, it was estimated that the MEME project represented more than $ 1.7 million in stored capital as of August 29th.
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