- DED is set to launch soon and will be the first meme coin in the Polkadot community, and expectedly, it’s driving up excitement in the community and interest in DOT.
- Analysts expect the launch of DED to push up the price of DOT as only DOT holders will receive the meme coin in its airdrop, and the more DOT one owns, the higher the DED they receive.
Before Bonk launched, interest in Solana had waned, but the meme coin reignited SOL and led to the quick sellout of 50,000 Solana Saga Web3 smartphones. Polkadot is hoping for a similar trajectory once DED, the ecosystem’s first meme coin, launches, but will the new token garner enough interest to propel the price of DOT?
Meme coins started as a joke, with Jackson Palmer and Billy “Shibetoshi” Markus launching Dogecoin in 2013 to poke fun at the serious nature of the Bitcoin community. Then came the 2017 bull market, and DOGE minted several millionaires as its price skyrocketed. Others have launched with similar results, from Shiba Inu to Pepe Coin to the latest, Bonk.
The Polkadot community is seeking to jump in, and DED is scheduled to launch soon as the first meme coin for the ecosystem. Not much information is available on the new meme coin, but it’s already garnering heightened interest in social media circles.
Which Polkadot #memecoin community is bigger?
— Polkadot Insider (@PolkadotInsider) December 22, 2023
One of the people behind the project, Giotto De Filippi, the new meme coin will be transparent and fully decentralized. He told one outlet that the project is the culmination of the contribution from the Polkadot community.
He told the outlet:
The DED coin is really a testament to the strength of the Polkadot community. The dedicated Polkadot community have built this from the ground up in a completely permissionless, decentralized, and transparent way while bringing back the fun and whimsy that made many meme coins successful in their own right.
Will DED Push Polakdot (DOT) to New Heights?
The impact that a meme coin can have can’t be overstated. Bonk is the best example; before it took off, Solana Labs struggled to sell its smartphones, having sold less than 2,000. As CNF reported, Solana Labs was considering adding new features to the phone to make it stand out in the wildly competitive Android smartphone market.
Then Bonk started to take off, and investors realized that purchasing a Saga smartphone came with a 30 million Bonk token airdrop. In hours, all 50,000 smartphones sold out, and on some platforms like eBay, it went for as much as $5,000, four times higher than the most expensive iPhone.
Investors bet DED can be as transformational for Polkadot as Bonk was for Solana. For one, the new meme coin will all be airdropped to owners of DOT tokens. The founding team pledged not to leave any tokens for the founders or conduct any pre-sale. This incentivizes investors to gobble up as much DOT as possible to stand the chance of stocking up on the new meme coin.
DOT trades at $7.5 at press time, dipping by 3% in the past day and 14% in the past week.
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