The price of a joke MEME token that pokes fun at the hype in the decentralized finance (DeFi) sector, has risen by 100% per day to reach $1,800 at the time of writing. The total cost of the airdrop at the current exchange rate is about $640,000.
$MEME is pumping to taunt me— Anthony Sassano | sassal.eth ⛽ 🏴 (@sassal0x) September 22, 2020
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
The price spike was preceded by the listing of the token on the Poloniex exchange. Prior to this, MEME was traded on the Uniswap platform. The capitalization of the project is $35.9 million, it currently ranks 190th on the market. MEME was created with the Degenerator tool for issuing worthless DeFi tokens, developed by Jordan Lyall, director of DeFi products at ConsenSys. The slogan of the project: “Don’t buy $MEME”.
Lyall had previously warned about the riskiness of investing in meme coins due to the huge volatility. Despite the seeming uselessness, the MEME token allows you to earn points on staking, which can later be exchanged for non-fungible tokens (NFT).
Back in August, the Spaghetti Money meme project raised $200 million within just 12 hours from DeFi farmers.
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