The Polkadot community is buzzing with anticipation as DED, the first meme coin in the ecosystem, is set to launch soon. This has sparked excitement and interest in DOT, the native token of Polkadot, as analysts predict that the launch of DED will push up the price of DOT. This is because only DOT holders will receive the meme coin in its airdrop, and the more DOT one owns, the higher the DED they receive.
Meme coins, which started as a joke by Jackson Palmer and Billy “Shibetoshi” Markus with the launch of Dogecoin in 2013, have seen significant success in recent years. The 2017 bull market saw DOGE minting several millionaires as its price skyrocketed. Other meme coins such as Shiba Inu, Pepe Coin, and Bonk have also seen similar results.
Before Bonk launched, interest in Solana had waned. However, the meme coin reignited interest in SOL and led to the quick sellout of 50,000 Solana Saga Web3 smartphones. Polkadot is hoping for a similar trajectory once DED launches. However, it remains to be seen whether the new token will garner enough interest to propel the price of DOT.
Not much information is available on DED, but it’s already garnering heightened interest in social media circles. Giotto De Filippi, one of the people behind the project, has stated that the new meme coin will be transparent and fully decentralized. He believes that the project is a testament to the strength of the Polkadot community, which has built this from the ground up in a completely permissionless, decentralized, and transparent way.
The impact of a meme coin can be significant. For instance, before Bonk took off, Solana Labs struggled to sell its smartphones. However, when investors realized that purchasing a Saga smartphone came with a 30 million Bonk token airdrop, all 50,000 smartphones sold out in hours. Some platforms even sold the phone for as much as $5,000, four times higher than the most expensive iPhone.
Investors are hoping that DED can be as transformational for Polkadot as Bonk was for Solana. The new meme coin will be airdropped to owners of DOT tokens, incentivizing investors to buy as much DOT as possible to stand the chance of stocking up on the new meme coin. At press time, DOT trades at $7.5, dipping by 3% in the past day and 14% in the past week.
However, it’s important to note that investing in cryptocurrencies carries risks and potential investors should do their own research before taking any actions related to cryptocurrencies.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Jackson Palmer, Billy “Shibetoshi” Markus, Giotto De Filippi |
| Companies | Polkadot, eBay, Solana Labs |
| Currencies | Shiba Inu, Dogecoin, Polkadot, Pepe, Bonk |
| Securities | None |
