The MEME token gets listed on Poloniex and its price almost doubled, reaching $1,600 and still increasing as we are reading in today’s crypto news.
The MEME protocol which is a way of staking tokens to get ETH-based crypto-collectibles went viral recently and its price is still going up. The MEME protocol allows people to earn pineapple points which can later be exchanged for the non-fungible tokens. Today, the MEME token gets listed on Poloniex in the Defi innovation zone so the users can now deposit the coin and trade it for Tether.
It was up that high far before the poloniex announcement
The middle bump is last night, the recent pump is poloniex pic.twitter.com/fVlVFSUIqS
— Jordan Spence (@spencecoin) September 21, 2020
Meme allows people to stake MEME tokens in exchange for points that can be traded for non-fungible tokens which generated more than the Shiba Inu graphics. It’s gained a lot of serious but speculative interest behind it. After the announcement, the price increased at one point above $1,700 marking over 100% increase from the day before.
Even before Poloniex listed the MEME token, the price was still high. Its price broke the $1,000 level a few days ago and hit an all-time high during the weekend at $1,342 before dropping back to $1000. After the announcement of the listing, the price increased to a new all-time high of $1,708. Since then, it was wobbling but the general trend is only up. The big question is why? This could be far from the first decentralized finance token that skyrocketed in value over the summer. Other tokens such as SUSHI, YAM, and YFI already did before it. These tokens had some utility and doubled as speculative assets people could leverage it to create earnings.
Instead of farming yields, MEME is about farming NFTs while other decentralized finance protocols rewarded the users with tokens that can be leveraged to earn interest. MEME gives them “pineapple points” which can later be redeemed for non-fungible tokens. Mark Smith, the founder of Namesake Domains, explained that MEME’s growing popularity could be because it is rooted in the current DeFi moment when the values locked in these protocols went up from less than $1 billion to over $9 billion today:
“They seem to be releasing the cards based on the narrative of the week for DeFi…For example, after the [Uniswap] airdrops, they came out with the Hayden card.”
Joran Lyall, the godfather of the MEME coin, said:
“The meme coin is a very risky type of investment: it’s fluctuating all over the place, pump and dump whales are all over it.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]