🦎🚀 Have memecoins gone too far? 🦽

Friday, May 10, 2024

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Gone with the wind

With a slow week coming to an end, maybe we will see some more weekend volatility again.

In today's news:

A coin that's not a coin 💰
The absolute state of the memecoin scene 😨

Read on!

24h Hot Searches Worldwide 🔥

Toncoin (+14.3%)
Mode (-7.6%)
DODO (+4.8%)
MAGA (-4.7%)
Friend.tech (+22.3%)
Turbo (+38.8%)
Render (+9.5%)

Is FDV a Meme? Low vs High Float Crypto

Low float crypto account for 21.3% of the top 300 large cap crypto, while only 24.7% are fully diluted.

Notably, 14 out of the 74 fully diluted large cap crypto are memecoins, mostly launched this year or last year.

A coin that's not a coin 💰

You can stop tapping for now, as the popular Telegram-based Notcoin game is close to launching its token!

Launching on the TON blockchain, Notcoin's NOT token will be listed on several exchanges on May 16th, including Binance, OKX, and Bybit.

Binance and Bybit even went one step further by introducing new rewards campaigns in support of the NOT token launch.

OKX will be hosting a Jumpstart campaign, where users who stake the native token of The Open Network (TON) will receive a portion of NOT tokens.

Binance has also announced the inclusion of Notcoin on the Binance Launchpool, allowing users to farm Notcoin by staking BNB and FDUSD.
However, it's not yet clear when users will be able to claim their share of NOT tokens from the app.

Since the announcement of Notcoin's token launch, the price of TON has risen by 11.3% from $6.15 to $6.84 as of the time of writing.

Editor's Take:
This could very well be one of the last big airdrops we see in a while, distributed to over 35M eligible users. If these users are actually keen on claiming their airdrop, we may very well see exponential growth in activity and even a mini memecoin season on the TON blockchain really soon.

Options are another popular derivative that traders use to take directional bets on the market or hedge their open positions. Learn about the top options DEXs available now!

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The absolute state of the memecoin scene 😨

From fake amputees to kidnappings, what has the state of memecoins devolved into?

Beyond just launching new memecoins, developers are now hosting live streams to further promote their new tokens.

Most of this degeneracy takes place on the pump.fun platform, where anyone can launch their own memecoin on Solana in just a few minutes.

As the barrier to launching new tokens went even lower, Solana saw an explosion of new tokens and live streams launched—along with some amusing stories.

One such livestream featured the HANDS token, where the creator claimed that without any hands, he couldn't rug the token.

Obviously, that turned out to be a lie, as just 3 minutes after his stream started, the developer immediately rushed to his computer to drain the token's liquidity.

Learn about how crypto trading apps work and explore some of the most popular platforms on the market.

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What is MEV (Maximal Extractable Value) and how does it work?

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In Other News...

Am I a Joke to You? $71M Bitcoin Thief sends ~$150k in ETH back to the victim.
Tokenizing Crops. AgriDex, a Solana-based platform, has raised $5 million in a pre-seed funding round to tokenize agricultural commodities and bring them onto the blockchain.
Crypto Lending Sector Recovers. Ledn, a crypto lending firm, experienced a record-breaking first quarter with loans totaling over $690 million, marking a significant increase from the previous quarter.
Denying Allegations. DWF Labs, a crypto trading and market-making firm, denied allegations that it engaged in $300 million of wash trading on Binance in 2023.
KOL Rounds. In the evolving landscape of crypto marketing, influencers known as Key Opinion Leaders (KOLs) are investing in projects and promoting them on social media in exchange for perks such as discounted valuations and early token selling options.
Supporting L3 Chains via OP Stack. Optimism has announced that Layer 3 chains can now integrate with its Superchain by building on the OP Stack. This integration allows Layer 3 builders to join the Superchain and share sequencer revenue with Optimism Collective, its governance body.

Here are the top trending coins for this week!

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