MEME, a community project inspired by a ConsenSys developer’s satire about the high-yield farming bubble gained almost 100% in 24 hours to hit an all-time high $ 1,775 as listed on Poloniex.
Since the beginning of September, MEME has grown by more than 900%, although its supporters are promoting the project with the slogan “Don’t buy a MEME”.. MEME is currently the 254th cryptoasset with a market cap of $ 48M, with MEME having changed hands more than $ 17M in the past 24 hours.
The project’s unlikely rise began when Jordan Lyall, ConsenSys DeFi Product Manager has created a mock display for a yield farming log generator called “The Degenerator”.
Within hours of the announcement in the Twitter crypto community, someone had created an ERC-20 with the same name and listed it on Uniswap under the ticker ‘MEME’.. The delivery of 28,000 tokens was distributed to Telegram users in batches of 250 via Airdrop within 30 minutes of the token’s creation.
The project now includes an “experimental protocol” that “destroys some of the most exciting DeFi innovations”. Productive farming rewards in the form of non-fungible collector’s tokens inspired by MEME.
11 days ago the meme team was born just minutes after my degenerate tweeted the development of YOLO DeFi.
Now: Despite all the adversity and irony, a passionate community is experimenting with DeFi and art
Meme is an NFT farming protocol
– Jordan Lyall (@JordanLyall) August 26, 2020
Poloniex is the sixth exchange that contains the token, after Uniswap, Balancer, 1 inch, Hoo, Mooniswap. Over 72% of trading takes place through Uniswap.
In response to MEME’s meteoric upward trend, EthHub co-founder Anthony Sassano (‘sassal0x’) uncovered what was one of the original Airdrop recipients who sold his tokens the first day thinking it was “just a random unused token”..
If you had kept it, your reserve would be worth about $ 600,000 today.