The price of MEME, a meme token mocking the hype around the DeFi sector, rose 100% in 24 hours to $1800 at the time of writing. One user who received the tokens via airdrop regretted selling them immediately, as he could have earned $600,000.
$MEME is pumping to taunt me
The airdrop that I sold on day 1 is now worth $600,000
That’s enough for 1 storage closet in a reasonably sized house
— Anthony Sassano | sassal.eth ⛽ 🏴 (@sassal0x) September 22, 2020
“MEME is pumping to mock me. The airdrop I sold on the first day is now worth $600,000,” wrote EthHub founder Anthony Sassano.
The price surge was preceded by the token’s listing on the Poloniex exchange. Prior to that, MEME traded on Uniswap. The project’s market capitalization stands at $35.9 million, ranking 190th on the market.
MEME was created using the Degenerator tool for issuing useless DeFi tokens, developed by ConsenSys DeFi products director Jordan Lyall. The project’s slogan: “Don’t buy MEME”.
Lyall himself had previously warned about the risks of investing in meme coins due to their extreme volatility.
Despite its apparent uselessness, MEME allows holders to earn staking points, which can later be exchanged for non-fungible tokens (NFTs).
Update: On Wednesday, September 23, MEME’s price retraced to $921.
In August, the meme project Spaghetti Money raised $200 million in 12 hours from DeFi farmers.
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