The DeFi space continues to amaze with stunning developments happening on a daily basis. Announced on August 18th through a Medium Post, Meme protocol is quickly catching speed with its native token hitting almost $2,000 a couple of hours back.
The interesting thing is that it has a very limited supply of 28,000 tokens and most of it was distributed through an airdrop to people who joined their Telegram group.
Data from Etherscan shows that 72 people received around 355 MEME tokens as part of the protocol’s initial distribution. Worth pennies back then, the 355 tokens are currently trading at around $1,500 each.
However, a couple of hours back, the price for MEME peaked at almost $2,000, bringing the total worth of the airdrop to about $700,000. Not bad for free DeFi money.
Commenting on the matter of being one of the lucky few was Anthony Sassano, who, two days ago, confessed that he got the airdrop.
I was one of the original airdrop recipients of 350 MEME tokens and sold them on day 1 because, at the time, it was just a random token with no use. Turns out that it became a legit project and 350 MEME is currently worth $300,000.
Of course, that was two days ago when the price of the MEME token was below $1,000. Today, its value more than doubled.
Back in August, Andre Cronje, the founder of Yearn Finance, announced the launch of YFI – a particularly scarce governance token with a supply of just 30,000. The thing that the community seemed to like a lot about it was the fact that it was all distributed to the community as people were able to provide liquidity and farm it.
Now, it seems that airdrops are all the rage. First in line was Uniswap – the most popular automated market maker and decentralized exchange protocol. It launched its UNI governance token a few days back and everyone who used the platform before September 1st received a minimum of 400 UNI tokens. The price for the coins surged to an all-time high of almost $9 and the value of the airdrop reached around $3500.
With MEME, people who got the airdropped tokens could currently sell them for much more, but of course, the number of users is substantially lower.