MEME, a community-driven project, has gained almost 100% in 24-hours to post an all-time high of $1,775 after being listed on Poloniex.
It has been reported that since the start of September, MEME has gained more than 900%, instead of its supporters promoting the project through the slogan ‘don’t buy MEME.’
However, MEME is currently the 254th-ranked crypto asset with a $48 million market cap, with more than $17 million worth of MEME changing hands in the past 24 hours.
The report said that the project’s unlikely rise began when ConsenSys’ DeFi product lead Jordan Lyall created a mock-advertisement for a yield farming protocol generator named ‘The Degenerator.’
It has been analyzed that within hours of the post circulating across crypto-Twitter, someone had created an ERC-20 under the same name, and listed it on Uniswap under the ticker ‘MEME.’
The 28,000 token supplies were distributed through airdrop in batches of 250 to Telegram users within 30 minutes of the token’s creation.
Now, the project comprises an “experimental protocol” that “mash[es] up some of the most exciting innovations in DeFi” by offering yield farming rewards in the form of meme-inspired non-fungible token collectibles.
Thus, in response to MEME’s meteoric bull-run, Anthony Sassano, the co-founder of EthHub, revealed that he was one of the original airdrop recipients who had sold his tokens on day one because he thought it comprised “just a random token with no use.”
Source: Cointelegraph
