Tag: memecoin

Multi-Chain Memecoin ‘Dogeverse’ Raises Over $15 Million in ICO Ahead of Exchange Listing: Details

Dogeverse, the latest entrant into the memecoin market, has managed to raise $15 million in its Initial Coin Offering (ICO). According to a report from AMB Crypto, the new multi-chain memecoin reached the milestone Monday. The $DOGEVERSE token has taken the crypto market by storm and is set to be launched on six different blockchains. Dogeverse claims to be the first Doge Meme token built on a multi-chain network.

As per Dogeverse’s website, a single Dogeverse token is priced at $0.00031 in its ICO stage. The memecoin, however, is in the final phase of its presale and it will be soon listed on decentralised crypto exchanges to meet investor demand, the AMB Crypto report said.

The crypto sector has over 2.4 million tokens in circulation, with more entering the ecosystem daily. The memecoin category, which comprises cryptocurrencies inspired by trending memes, was primarily made popular by Dogecoin and Shiba Inu, and has swelled into a category worth $51 billion (roughly Rs. 4,25,799 crore), as reflected by CoinGecko this month. While there are several popular memecoins already circulating in the market, Dogeverse comes to compete with a special functionality.

As mentioned, Dogeverse is a multi-chain memecoin and lives on multiple blockchains rather than being supported on just one like traditional cryptocurrencies. Dogeverse will exist on six blockchains — Ethereum, Binance Smart Chain, Polygon, Solana, Base, and Avalanche. According to its official website, the $DOGEVERSE token is minted on Ethereum, but can be claimed, stored and traded on the six supported blockchains using Wormhole and Portal Bridge technology.

Dogeverse’s ICO is one of the most successful ones of 2024 so far. Additionally, over 16,000 followers have joined the crypto’s X page since the profile was created just a month ago in April. With the interest the new memecoin has managed to generate in a short duration, the crypto community is now speculating if Dogeverse could rival Dogecoin.

The ICO window for the memecoin will close in the coming days and the coin could soon find its way to crypto exchanges.

To take part in Dogeverse’s presale, interested crypto buyers can connect their crypto wallets to the presale widget listed on the token’s website and use ETH, BNB, MATIC, AVAX, SOL or USDT to reserve $DOGEVERSE tokens, as per the official website. “Once you’ve completed your presale purchase, you’ll be able to use the same wallet to claim your tokens before the first DEX listing. Claim and listing dates will be announced on our social media accounts,” the website said.

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Bonk Frenzy Boosts Sales of Solana’s Saga Phones to Eight Times its Retail Cost: Details

The month of December proved to be quite lucrative for the overall crypto market, but it brought in expansive business into one particular ecosystem; Solana’s. From Solana’s native cryptocurrency SOL trading on the upper side of the price ladder the past few days and Solana-based NFTs seeing sell outs, the Solana ecosystem was already showing signs of recovery when a comparatively new member of its ecosystem bounced to popularity. This new member is named Bonk, and it is a memecoin based on the Solana blockchain.

In a new development, Solana’s Saga smartphones seem to be selling at hefty prices on online marketplaces in international markets.

Over the weekend, a Solana device sold for $5,000 (roughly Rs. 4.14 lakh) — which is approximately eight times its original launch price of $600 (roughly Rs. 49,795) on eBay. Another unit of the Saga was up for grabs at $3,316 (roughly Rs. 2.75 lakh) and many others were traded for over $2,000 (roughly Rs. 1.65 lakh), a report by CoinTelegraph said.

Notably, each Saga smartphone entails a free airdrop of 30 million Bonk tokens, which is being reported among top reasons why the Saga devices are selling like hot cakes.

In the last few days, Bonk surpassed recent memecoin star Pepecoin, in terms of its market cap. In the previous 30 days, the price of the Bonk token rose from $0.0000028 (roughly Rs. 0.00023) to $0.000012 (roughly Rs. 0.0010) and touched a valuation of $762 million (roughly Rs. 6,353 crores).

As per the official X handle of Solana Mobile, the Saga was sold out on December 16.

Buyers of this handset automatically get 30 million Bonk tokens, the value of which as per the current rate of the token, would amount to $638 (roughly Rs. 52,977). Saga buyers are also seemingly betting big on Bonk price to escalate even further, which needs to spike by at least 620 percent for them to see any real profit.

With the Saga phone now becoming a frenzy in itself, some unrelated crypto projects are also lining up airdrops for these phones.

Memecoin project called Samoyed Coin, for instance, has announced an airdrop for Saga in the weeks to come. GenesysGo, a decentralised storage provider is also set to let its native Shadow (SHDW) be mined via an app on the Saga phone.

Solana’s Saga smartphone was launched in April 2022 and was touted as the advent of the world’s first-generation of crypto and Web3-centric smartphones. Along with a Solana Pay crypto pay app, a ‘seed vault’ is also pre-installed on the Saga phone to safely store all the private keys linked to the handset, according to the company.

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Musk-Inspired Memecoin ‘Grok’ Sees Quick Rise and Fall Amid Scam Suspicions: Details

Elon Musk’s new project called ‘Grok’, that is essentially an AI chatbot service with a more humorous and uncensored approach as compared to other chatbots, has begun rolling out. As excitement about Grok bubbled up on social media, a memecoin project of the same name made a splash into the digital assets market. With a Musk-inspired branding and arriving at a time when the crypto market is at its highest valuation this year, the memecoin was quick to garner acceptance from the crypto community only for its fame to fizzle almost as soon as it formed.

At the time of writing, Grok was trading at $0.011880 (roughly Rs. 0.99) as per CoinMarketCap.

In the last few hours, the value of Grok tokens clocked a sharp decline of 70 percent. It happened after blockchain analyst who goes by the username of @zachxbt on X claimed that the social media accounts and websites related to Grok were repurposed from old crypto projects.

Later, @zachxbt also pointed out that the developer team behind Grok transferred roughly $1.7 million (roughly Rs. 14 crore) worth tokens to a burn address that would increase the token’s rarity quotient and make it more enticing to investors.

As soon as this news began spreading, floodgates of rumours and suspicions about Grok being a scam coin opened on social media. The altcoin’s valuation that had reportedly touched the mark of $160 million (roughly Rs. 1,331 crore) earlier this week, is currently valued at merely over $92 million (roughly Rs. 772 crore).

Members of the crypto community are warning each other about making careful investment decisions around newly emerging and hyped cryptocurrencies like Grok.

Musk started rolling out GrokAI on November 5 and on the same day, this crypto project made its debut on social media. Memecoin traders were quick to hop onboard the hyped altcoin and within one week, the value of Grok recorded continuous spike. Its all-time high was recorded at $0.027 (roughly Rs. 2.25) on November 13.

Musk, as of now, has not addressed anything related to the Grok cryptocurrency.

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Pepe Coin Frenzy Turns to Fear After Anonymous Developers Make Changes to Wallet, Transfer Tokens: Report

Pepe Coin, the memecoin that rose to viral popularity after its launch in April this year, is now stirring fear in the crypto community. In the last few hours, the value of PEPE dived by 15 percent to currently trade at $0.0000008727 (roughly Rs. 0.000072). The dip in PEPE’s price action came after its developers reportedly modified its multi-signature wallet and announced it to the PEPE community. This change in the wallet system resulted in the outflows of millions from the memecoin’s ecosystem.

Pepe coin’s multi-signature wallet, which is handled by its developers, previously required at least five out eight developers to use their private keys and approve transactions for the project on the blockchain. Now, PEPE transactions only require two developers as signatories for approval.

Following this change, the PEPE team suspiciously moved 16 trillion tokens amounting to $15 million (roughly Rs. 123 crore) from PEPE’s multi-sig wallet into four centralised exchanges, a report by FXStreet said on Friday.

These factors have triggered a climate of FUD — fear, uncertainty, and doubt — among the PEPE community. Many have taken to social media to address their fears about the memecoin’s market movement.

Some fear that the PEPE project may be a rug-pull scam, where developers gather funds and abandon the project leaving investors high and dry.

As for now, PEPE’s verified handle @pepecoineth on X remains active with over 476,000 followers.

The last tweet from this handle, however, was posted days ago on August 12. No member from PEPE’s developer team has addressed the concerns of the community members yet.

Currently, over 391 trillion PEPE tokens are in circulation out of its pre-decided total supply of over 420 trillion tokens. Its current market cap, down by 20.48 percent in the last 24 hours, stands at $342 million (roughly Rs. 2,834 crore) as per CoinMarketCap.

The frenzy before fear

Supported on the Ethereum blockchain, Pepe Coin, also signified as the $PEPE token, debuted discreetly in the crypto market on April 16, 2023. The developers of the project have chosen to remain anonymous.

To lure in investors, PEPE developers had put in place a ‘no tax policy’ on PEPE that eliminated gas fee charges on Pepe transactions.

In the first seventeen days of its launch, the PEPE token had spiked by 7,000 percent, reportedly having touched a market cap of $1.8 billion (roughly Rs. 14,883 crore) by May 5.

The meme coin was inspired by a cartooned frog that often finds its way on popular Internet memes with expressions tailored to depict the relatable feeling behind the meme.

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Shiba Memu: Memecoin Sees Price Spike Amid Market Slump, Stirs Fanship Among Crypto Patrons

A new memecoin going by the name of Shiba Memu is stirring an evident frenzy among members of the crypto community. The AI-laced cryptocurrency has managed to raise over $2 million (roughly Rs. 16 crore) in its pre-sale, that is slated to conclude on September 1. Modelled like the popular Shiba Inu cryptocurrency, the Shiba Memu altcoin is represented as SHMU. At the time of writing, each SHMU is trading at $0.022150 (roughly Rs. 1.83), showed its official website.

Loaded with AI capabilities, the Shiba Memu cryptocurrency has been labelled as self sufficient by its developer team, based in London.

“Unlike other meme tokens, which require significant marketing efforts from human teams to gain traction, Shiba Memu will create its own marketing strategies, write its own PR, and promote itself in relevant forums and social networks,” the project’s official website said.

All updates, warnings, and predictions about this cryptocurrency will be published on various social media platforms while also analysing the performance of its marketing strategies and making necessary improvements in real time.

The AI token’s tendency to generate hype around it may have a significant impact on its market position and pricing, a Techopedia report said.

“AI-personalised marketing messages based on user behavior, preferences, and other data – massively increase engagement. AI-powered NLP algorithms will (also) analyse social media posts, forums, and other online communities to identify relevant discussions and topics related to Shiba Memu,” the company website noted.

The cryptocurrency will soon be made live to be listed on centralised and decentralised exchanges. The altcoin could first be listed on the BitMart crypto exchange, a CoinTelegraph report said.

Back in May, another memecoin called the Pepe Coin launched discreetly with a ‘no tax policy’ making it appealing to small and experimentative investors. $PEPE had also stirred quite the frenzy on social media at the time. Currently, PEPE is trading at $0.0000000002001.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bitcoin Coders Deliberate Over Future of $1 Billion Memecoins Such as Pepe

The coders who maintain Bitcoin’s blockchain are clashing over whether to stamp out the meme tokens swarming the network.

A torrent of speculative coins led to a record number of transactions and an 11-fold spike in processing fees on the blockchain in May, creating a logjam and forcing the Binance exchange to temporarily halt Bitcoin withdrawals.

The tumult has since eased, but some crypto purists fret that future frenzied trading of memecoins like the frog-themed Pepe will again snarl the network and disrupt Bitcoin’s use for payments and as a store of value. They advocate deploying software to block the transactions — a kind of spam filter.

“I do think the system is being abused,” said Bitcoin developer Ali Sherief. “Bitcoin was never intended to serve as a base layer for meme tokens.”

In an earlier email to the largest digital asset’s developer group, Sherief wrote that “worthless tokens threaten the smooth and normal use of the Bitcoin network as a peer-to-peer digital currency.”

Others defend the software innovation, called Ordinals, that allows Bitcoin’s blockchain to host large numbers of memecoins and nonfungible tokens — digital collectibles — for the first time, arguing it can have wider applications.

Developer Casey Rodarmor created Ordinals to enable users to inscribe digital content like videos, images and text on satoshis, the smallest unit of Bitcoin. There are 100 million satoshis in one Bitcoin.

Rodarmor’s innovation took off this year and was seized on by pseudonymous blockchain analyst Domo to develop the Bitcoin Request for Comment — or BRC-20 — standard, which led to the explosion of memecoins.

There are now about 25,000 meme tokens on the Bitcoin blockchain with a market value of roughly $475 million (roughly Rs. 388 crore), according to website brc-20.io. The figure had soared past $1 billion (roughly Rs. 8,300 crore) in early May.

Jameson Lopp, co-founder of crypto storage solutions provider Casa, said the Bitcoin network is meant to be an “auction market for the block space” — the place where data is stored — and Ordinals merely stoked demand for it.

As a result, viewing the memecoins as a denial-of-service attack is “like saying any form of auction is a denial of service, and whoever wins is denying all of the losers of the auction,” Lopp said.

At one point last month meme tokens and NFTs accounted for 65 percent of the transactions on the Bitcoin blockchain. The proportion has dropped back but remains elevated. The average fee per transaction began April at $2.80 (roughly Rs. 200), hit $30 (roughly Rs. 2,500) in early May and cooled to $4 (roughly Rs. 300) by the end of the month, Coinmetrics data show.

The jump in fees has been a boon for miners, the operators of the computer rigs underpinning Bitcoin, who have raked in $45 million (roughly Rs. 370 crore) from Ordinals-related activity, according to figures from Dune Analytics.

Bitcoin itself fell almost 8 percent in May amid the turbulence on its blockchain. The token, which has rebounded more than 60 percent in 2023, was little changed at $27,160 (roughly Rs. 22,43,500) as of 7:41 am in Singapore on Monday.

For veteran Bitcoin developer Luke Dashjr, Ordinals transactions are like spam and should be kept off Bitcoin’s blockchain. He’s even created a program, Ordisrespector, to enable computer nodes on the network to do that.

“Action should have been taken months ago,” Dashjr wrote in a developer group. “Spam filtration has been a standard part of Bitcoin Core since day 1.”

Given that no single person or entity controls the Bitcoin network, nobody knows if sustained action against memecoins and NFTs will emerge over time. Another possibility is that some people could decide to create a version of Bitcoin — called a hard fork — that won’t support Ordinals.

“I don’t see a critical mass of people coming together on a single alternative to Bitcoin which is incompatible with BRC-20 tokens,” said Andrew Poelstra, director of research at Blockstream.

Amid the controversy, the key takeaways from the Ordinals phenomenon include the ability to use the Bitcoin network in novel ways and the need to scale up its transaction capacity to avoid future traffic jams.

The true value of Ordinals is the capacity to store arbitrary data on the Bitcoin network, according to Sami Kassab, a research analyst at Messari.

“Whether it’s artists, activists or even governments that end up leveraging this storage space, it’s clear that the demand and cost for it will likely rise in the future,” Kassab said.

© 2023 Bloomberg LP

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