The latest craze named MEME token, sees its price reaching four digits and crypto-collectibles become the rage. The token reached $1,000 as we are about to see in today’s altcoin news.
Most of the recent DeFi food-inspired tokens have been backed by little and end up as pump and dump schemes. However, Today’s Defi craze MEME token is a pineapple-inspired one and it is a protocol that is doing something different by enabling farmers to mine non-fungible tokens for the crypto collectibles.
Well, the 100 Hayden rares sold out in minutes.
But the common cards are ready to harvest.
— Meme ($MEME) 🍍🍍🍍 (@DontBuyMeme) September 21, 2020
Non-fungible tokens are a special type of tokens on the ETH network using the ERC-721 and the ERC-1155 standards that create verifiable digital scarcity. MEME enables the users to stake tokens and to farm limited edition NFTs or crypto art, which can later be resold on the market on other platforms such as SuperRare or OpenSea. The first exclusive digital artist collaboration was with Sven Eberwein which was announced over the weekend and they are proving to be quite popular as the artist said:
“With 500 editions it is the most common NFT from the series. Momentarily the MEME x SVEN Pool has $1.8M total value locked just to farm the works.”
Staking a minimum of one MEME token will earn the farmers one “pineapple’ per day and the staking of maximum of five tokens will return five per day. These points can be accrued and redeemed to claim the crypto collectible. Farming is also done on the MEME genesis liquidity pool on Uniswap which has about $3 million in liquidity according to the Uniswap.info page. The experimental protocol is gaining traction today as these collectibles are selling very fast compared to other tokens. The recent endorsement by DeFi celebrities such as Andre Cronje and Sam Bankman-Fried who feature in these latest collectibles have contributed to inflating the hype.
MEME is one of the hottest crypto tokens right now in terms of price action. Over the past few hours, the token surged to an all-time high of $1,123 according to Coingecko data. This move marks a gain of 50% in less than 24 hours and the token increased by 830% since a week ago. With a total supply of 28,000, MEME wants to replicate the success of YFI which with the limited supply, surged to $44,000.
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