The Unisocks (SOCKS), issued as a joke by the Uniswap exchange, this week reached a new all-time high above $92,500. It can be exchanged for a real pair of socks.
\n\n
“500 pairs of digital socks have a market cap of $20 million. Memes — are the new money,” — noted by CoinShares’ chief strategy officer Meltem Demirors.
\n
\n
500 pairs of digital socks 🧦 have a market cap of $20 million
\n
memes are the new money https://t.co/gJ5MmtaZrE
\n
— Meltem Demirors (@Melt_Dem) February 15, 2021
\n
\n
Some users recalled a time when the token was valued at $200.
\n
\n
$SOCKS 🔥
\n
Unisocks at $83,000 😆
\n
Most expensive ever.
\n
I remember seeing these at $200 and thought they were crazy at that price! pic.twitter.com/iOWH5OkA1X
\n
— John Trades Crypto — ‘Follow Me’ (@JohnTradesCryp1) February 16, 2021
\n
\n
The decentralized exchange released 500 meme tokens in May 2019, valuing them at $12 at the time.
\n
Subsequent gains in Ethereum and the limited supply of SOCKS pushed the price higher — as of today only 315 pairs remain, with a total value of $20 million at the current price of $62,000.
\n
According to CoinGecko, SOCKS rose sevenfold over the last 30 days, with a 125.3% rise over the last seven days. At its peak on February 16, the price climbed to $92,549.47.
\n
SOCKS trajectory. Data: CoinGecko.
\n
Tokens can be returned to the pool at any time. Each token entitles the holder to one pair of socks — shipped worldwide. Redeemed tokens are withdrawn from circulation.
\n
\n
🦄🔥🧦🦄🔥🧦🦄🔥🧦🦄🔥🧦🦄
The day is finally here — Unisocks redemption is live!!!\n
Visit https://t.co/fJv6jrrVLd to redeem your $SOCKS for luxury socks shipped anywhere in the world.
\n
\n
— Uniswap Protocol 🦄 (@Uniswap) October 22, 2019
\n
\nIf anyone is curious why SOCKS jumped to $22 000, it is because a whale bought them for $220 000. The remaining socks will have to be stored in a bank vault,
\n
\n
If anyone is wondering why SOCKS jumped to ~$22k its because this whale bough $220k worth
\n
We’re going to need to put outstanding Unisocks in a bank vault soon 😅https://t.co/Iehw35gojD
\n
— Hayden Adams 🦄 (@haydenzadams) January 29, 2021
\n
\n
The jump in SOCKS aligned with Uniswap’s own success. Recently ForkLog reported that trading volume on the platform surpassed $100 billion.
\n
In February, hype also surrounded the market’s best-known meme token DogeCoin, spurred by interest in Elon Musk’s project. This even forced the developers to return to work on the cryptocurrency’s code.
\n
Subscribe to ForkLog’s news on Facebook!