A socially forwarded meme
WTF do you get when you mix YAM with CryptoKitties? You get $MEME! Meme Protocol was announced by this medium post on 26th August 2020. I thought it was a spam project. Actually none might have taken the project seriously. As per the protocol, instead of farming for yield - DeFi users stake assets to earn limited edition NFTs from some artists in Ethereum. The NFTs are basically memes. Sounds funny? Indeed fun! A meme is supposed to be funny and Meme Protocol aims to be funnier.
How did it start?
$MEME started from this tweet
Jordan Lyall, a ConsenSys developer, was poking fun at the rapid upsurge of DeFi projects on Twitter. His tweet went viral and got 1.4K likes. Then someone turned his joke into a real coin. Yes, a meme coin. Jordon’s idea of ‘Degenerator’ was conceived as Meme Protocol.
”$MEME started from a spontaneous “flash mob” token creation event just minutes after a satirical tweet mocked the YOLO nature of some DeFi development practices.
Then, against all odds (and irony) it evolved into a thriving, passionate community experimenting with DeFi and art.
Meme is a decentralized protocol for farming NFTs. Our “money lego” bricks include: staking, governance, fair distribution, and crypto collectibles.” – Source
A Vitalik Buterin meme from the meme pool – You can mint ‘Legendary Vitalik’ by locking up Uniswap ETH/MEME LP tokens
Image from Coingecko
The joke coin got a life and it was well-received. The total supply of $MEME is only 28,000 and the current price is $900+. The present market cap is above $25,000,000. $MEME token symbol is pineapple. Yes, $Meme is risky. There would be terrible pumps and dumps but the story is really interesting. Wait! The drama isn’t over yet. The anonymous project airdropped huge no of tokens earlier. One airdrop lot consisted of 350 tokens. The value of 350 tokens is above $300,000 now. Terrible things happen in crypto!
Meme Website (check for fun): https://dontbuymeme.com/
Note: The article is not investment advice. The project is a high-risk project. The images (if not cited), are created from screenshots of the project website.