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