MEME, the Joke That Went Too Far?

MEME, the Joke That Went Too Far? 891 420 Crypto Rand Group

Decentralized finance is at the origin of many new cryptomoney systems, some of which are more useful than others. This is the case of the MEME, a recent cryptomoney which is not without reminding the DogeCoin.

“What have I done? »

These are words shared by Consensys employee Jordan Lyall after one of his jokes took an unexpected turn.

On August 15th, Jordan Lyall published on Twitter the image of an application called “The Degenerator“, which allows you to copy an identical DeFi project to create a new one. Obviously, this image was a joke in reference to the trend in the DeFi ecosystem to multiply tokens.

Unfortunately for him, a website and a Telegram group were created in the wake, to discuss the possibility of creating such an application. As we suspected, things quickly got out of hand.

Discussions about the Telegram group quickly led to the idea of creating a token called MEME. The community decided that there would be 28,000 MEME and that these would be distributed to all Telegram group participants.

In less than 2, one user deployed the token’s smart contract. He still had to forfeit $400 in gas costs for this.

In total, the participants each received 355 MEME, and the creator of the smart contract received 2,000 tokens. Of these 2,000 tokens, the creator kept 1,000 as a courtesy for the deployment of the contract and deposited the remaining 1,000 SEMEs on Uniswap.

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The joke accelerates

So far no harm has been done. However, things have gone wrong once again.

As the SAME token was available on Uniswap, it was listed on the Coingecko website. Within 3 hours, its price went from $11 to $40, registering a titanic volume of $1.2 million.

Evolution of the MEME – Source: Coingecko.

Of course, the price subsequently collapsed to $7.85. It has since recovered and is currently trading at $26.

Internet user @DeFi_Dude, known for his position on the DeFi ecosystem, hastened to warn the community against this madness:

“I did not create this. I was made a Telegram admin, and helped move it along, then gave up admin.This is 100% in the community. This market is wild.”

Statement from @DeFi_Dude on Twitter.

Once again the DeFi ecosystem has shown that it is capable of the best and the worst. What went out as a joke could well result in the loss of funds for many users. 

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