Memecoins have been the surprise package of this market cycle. These cryptocurrencies have put up impressive numbers with their explosive prices. Solana, Ethereum, and BNB Chain host some of the high-performing memecoins.
Polkadot is also warming up to these classes of cryptocurrencies.
Memecoins Surge in Popularity Across Polkadot
Polkadot recently welcomed one of the first mainstream memecoins, DED. The memecoin is already gaining traction. This is thanks to a couple of partnerships and an upcoming airdrop.
$DED airdrop is now starting 🙂
Please check your $DED balance over the next few days, you should receive 36 $DED for every DOT that you held at the time of the snapshot
Please note $DED will be initially frozen and will only get unfrozen once exchange listings are confirmed to…
— DOT is $DED (@dotisded) March 23, 2024
DED has been a major trend on Twitter lately. And was among the top ten trends from Web3 on Twitter. It’s no surprise to see the traction this memecoin is enjoying, given the massive community behind it.
On Telegram alone, over 20,000 memecoin lovers are waiting for the airdrop. Additionally, some Polkadot heavyweights have shown support for this meme. DED has already partnered with the likes of Talisman Wallet, Nova Wallet, SubWallet, and others.
In addition, DED recently launched its huge Zealy campaign. This offers future holders and customers access to a prize pool of over $30,000 worth of Polkadot DOT tokens. The project received endorsements from several prominent cryptocurrency influencers.
DED Trends on Twitter After Memecoin Snapshot Announcementhttps://t.co/OuEZjuxHOe
— John Morgan (@johnmorganFL) March 28, 2024
Is DED the Boost that Polkadot Needs?
The DED team estimates that about 100,000 DOT holders support the DED launch out of a million DOT holders. The last snapshot has been taken, and soon DOT wallets will receive their airdrops.
This initiative holds significant benefits for the Polkadot ecosystem. It reflects the mutual efforts of the community, the foundation. And several ecosystem projects to inject new life into the market. Polkadot was the largest blockchain to welcome meme coin enthusiasts aboard its on-chain rails as of Q1-2024.
According to Dune data, over 1.3 million eligible addresses have already been claimed. This accounts for over 85% of the DED airdrop supply. DED’s airdropped supply remains locked until it is listed on more exchanges. This will lessen the sales pressure.
We are in the process of getting DED listed on @coingecko.
Request ID: CL2803240044
We'll update the community once this request has been reviewed and approved.
— DOT is $DED (@dotisded) March 28, 2024
Polkadot’s DED comes at a time when retail interest in memecoins is rising. Book of Meme (BOME) surged over 1,100% on the weekly chart last week. It momentarily ranked as the 130th-largest token in terms of market cap.
Other blockchain networks are attempting to take advantage of this craze as well. For example, the Avalanche Foundation has shown interest in developing this sector. It recently announced a $1 million liquidity mining scheme for Avalanche-native memecoins. And community-owned tokens.
Regardless of the memecoin frenzy, these assets are highly risky. Their value can crash almost as fast as they soar.
Disclaimer
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