A major holder of Unisocks (SOCKS) redeemed tokens worth $875,000 at the then-current rate in exchange for nine pairs of socks that back the digital assets.
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In May 2019, the decentralized exchange Uniswap issued 500 meme tokens, each valued at $12. Subsequently, the capped supply of SOCKS and the platform\’s growing popularity pushed the price higher.
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Tokens can be redeemed from the pool at any time. Each token entitles the holder to one pair of socks — they are shipped worldwide. Redeemed SOCKS are taken out of circulation.
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As of writing, Unisocks trades at around $97,000. In March, the price of SOCKS rose above $160,000, according to CoinGecko.
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A total of 195 tokens have been redeemed; another 19 are still available for purchase on the Unisocks Exchange site.
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On May 5, the launch of the third version of the Uniswap protocol on the Ethereum network took place.
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Earlier, a TikTok user jokingly created the cryptocurrency SCAM. Within an hour its market capitalization climbed to $70 million.
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