$MEME Token Reaches Insane Valuation of More Than $1900

$MEME Token Reaches Insane Valuation of More Than $1900

By Abhimanyu Krishnan | News | 22 Sep 2020

Joke coin Degenerator (MEME) has spiked to over $1900 after being listed on the Poloniex exchange.

  • In early September, MEME only held a market cap of roughly $3 million at a price of $109; the market cap is now $35 million with a current price of $1,625
  • ConsensSys DeFi product lead Jordan Lyall tweeted about a joke DeFi project called “The Degenerator” in August 2020, poking fun at yield farming protocols
  • Following the tweet, an anonymous individual created a token called Degenerator and listed it under the ticker ‘MEME’ on Uniswap
  • The tokens were then distributed via airdrop on the project's Telegram channel, and has been going up in price since the 15th of August; tokens were airdopped in batches of 250, and was worth $600,000 at peak price
  • The project has been called an NFT farming protocol, and described as a “mash up” of various DeFi protocols, though industry veterans have warned against dealing in the token

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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