- Polkadot has played host to the rise of a new memecoin DED.
- Speculation now mounts that DED can help trigger a more massive run in the price of DOT.
A recent grassroots development on Polkadot (DOT) has brought forth a new memecoin named $DED that is capturing the attention of the crypto community. With overwhelming support from both the community and key players within the Polkadot ecosystem, the question now remains whether DED’s growing popularity can help propel DOT to new All-Time Highs (ATH).
$DED’s Explosive Growth
In just nine days since its introduction, $DED has witnessed an unprecedented surge in community engagement. The project’s Telegram group, a key metric for measuring community interest, exploded from zero to over 4,500 members and is still growing.
The rise of DED is reminiscent of the trajectories that propelled Dogecoin (DOGE) and Shiba Inu (SHIB) to fame in their early days. The key to DED’s organic growth lies in its fair token distribution plan through free airdrops, targeting DOT holders and incentivizing them for their participation.
Beyond grassroots support, DED has also received backing from key actors in the Polkadot ecosystem. Top Decentralized Exchanges (DEXs) and wallets that handle DOT, such as Nova Wallet, Stella Swap, Talisman, and SubWallet, have stated their desire to support DED. With its vast user base, Nova Wallet will bring extensive exposure to DED, whilst Stella Swap, a major DEX on Moonbeam, will permit the token’s smooth switching.
Furthermore, Talisman’s focus on user experience aligns to foster smooth DED adoption among less technical users. This early infrastructure support from major industry players underlines DED’s credibility despite its memecoin classification.
The DED community, actively involved in the project’s creation, is leveraging Polkadot’s strong rise in organic growth. The fair and linear token distribution plan, coupled with humorous memes and inside jokes celebrating DED, taps into Polkadot’s grassroots culture. As momentum builds, the community now stands as a driving force, effectively marketing and growing the project.
Polkadot’s ecosystem provides an ideal environment for a memecoin like DED to thrive. Leveraging the built-in audience and support for a fair launch, DED aims to disrupt the crypto space playfully. The community-driven approach suggests that DED may achieve fame in a shorter timeline than its predecessors.
Amidst the DED frenzy, Polkadot’s on-chain activity has experienced a notable upswing. Transaction fees on the relay chain reached an ATH of around $2.6 million between December 18 and 25.
The surge in fees coincided with a 200% increase in daily active users, averaging 15,300 on the Polkadot network. The rise in on-chain activity has been attributed to a notable increase in staking, with more than 709 million DOT tokens staked to secure the network.
Currently, DOT is trading at $8.16, down 2.28% in the past 24 hours, and boasts of a market capitalization of $10.3 billion and a 24-hour trading volume of $276.7 million.
DOT’s Potential Surge
Polkadot’s fundamental association with DED has naturally led to speculation about the impact on the price of its native token, DOT, and the likelihood to trigger a rise to the latter’s ATH of $55 in the long term.
Historically, partnerships and collaborations within the crypto space have been catalysts for remarkable price movements. If the DED experiment turns out to be successful and gains more mainstream adoption, it could potentially drive demand for DOT as more projects seek to leverage the Polkadot ecosystem.
Whether this unexpected partnership will drive DOT to new ATH remains to be seen, but it undeniably adds an element of excitement and unpredictability to the crypto market.
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