Polkadot Joins the Memecoin Frenzy With the DED Token

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 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.

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.

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.


The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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