MEME price has skyrocketed to a high of almost $2,000, surges 1.500% in a week despite crypto correction
The Ethereum-based MEME cryptocurrency price has skyrocketed to a high of almost $2,000, bringing the total value of the airdropped tokens to almost $700,000 in free DeFi money. Besides, MEME has gained around 1,500% in the past week, rallying from approximately $120 to $1,900 as of this article’s writing. That is a gain of 1,483% in the span of seven days, making it likely one of the best-performing crypto-assets in the multi-million-dollar market cap range.
MEME price | Source: TradingView
The Ethereum-based MEME cryptocurrency surges 1,500% in a week despite crypto market correction
MEME is the native asset of MEME, a platform where users can transact and buy so-called “non-fungible tokens” (NFTs). NFTs have many use cases but in the case of MEME, users can buy and transact rare trading cards that contain unique art, often of popular DeFi trends. MEME is required to create Pineapples, which in turn can be spent to buy these rare NFTs.
The reason why MEME has appreciated so heavily in the past week is that NFTs have caught fire. Not only are MEME’s trading cards worth a lot, but NFTs on other platforms have also regularly been selling for dozens or even hundreds of Ethereum.
Chart of MEME’s price action over the past week or so | Source: TradingView
Now that it’s been outlined what the project does, it’s worth taking some time to look at the odd origins of the project. MEME was created by accident — really.
ConsenSys’s Jordan Lyall posted the tweet below in August, which contained an image of a theoretical platform where users could rapidly spinup forks of the top DeFi projects with just a few clicks.
This was a joke, which Lyall made clear later. But some users liked the idea and thus created a Telegram channel for the concept.
After some internal debates after a few dozen members joined, an Ethereum token was created called MEME, then distributed to the users of that Telegram channel. In that group were builders and artists that decided to abandon Lyall’s original concept in exchange for digitized memes.
Introducing The Degenerator.
Spin up a new #DeFi project in as little as 5 minutes! pic.twitter.com/qpiod6uqSf
— Jordan Lyall ? (@JordanLyall) August 15, 2020
What’s especially crazy about this story is that the airdrops for the few dozen in the Telegram channel are now worth over $700,000 each.
MEME price airdrop worth $700,000
According to Etherscan, 72 people received around 355 MEME token as part of the protocol’s initial distribution. Worth pennies back then, the 355 token are currently trading at around $1,500 each.
However, a couple of hours back, the price for MEME peaked at almost $2,000, bringing the total worth of the airdrop to about $700,000. Not bad for free DeFi money. Commenting on the matter of being one of the lucky few was Anthony Sassano, who, two days ago, confessed that he got the airdrop.
Confession time!
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.
F in the chat
— Anthony Sassano | sassal.eth ⛽ ? (@sassal0x) September 20, 2020
Of course, that was two days ago when the price of the MEME token was below $1,000. Today, its value more than doubled.
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