Courtesy of Charles Hoskinson’s Twitter
- A new meme coin based on the Cardano blockchain has caught the attention of Charles Hoskinson.
- Coinbase apologizes for remarks on Pepe coin.
Pepe coin was recently the subject of discussion in several crypto forums after creating millionaires within a few days. Interestingly, another meme coin is taking over and has made waves on Twitter even with Cardano’s Charles Hoskinson inquiring about it.
Snek (SNEK) is a meme coin based on the Cardano network founded by Cardano community member goofycrisp. Other known co-founders are MasterofC from the Chilled Kongs Team and JSHy, a jpg.store team software engineer.
In response to the growing popularity of this meme coin, Hoskinson tweeted:
What the heck is this Snek thing that people keep tweeting about?
What the heck is this #Snek thing that people keep tweeting about?
— Charles Hoskinson (@IOHK_Charles) May 11, 2023
Interestingly, this was met with pictures and gifs of snakes and other reptiles. Even though some Cardano enthusiasts find this tweet a genuine curiosity about the fast-rising token, others find it a deliberate attempt to promote it.
A pre-sale of this meme coin was conducted on April 27, 2023, and lasted for just 6 hours. Users were able to buy the tokens as low as 20 ADA coins. The pre-sale was massively promoted on Twitter, resulting in over 2,000 ADA sent to the pre-sale address in just a minute after going live. In 519 transactions, the pre-sale hit around 112K ADA coins.
After this, Snek launched on the decentralized exchange SundaeSwap with a market cap of $275k. According to data, the token has a total supply of 76,715,880,000. 50 percent of Snek was allocated to the pre-sale, 40 percent was dedicated to DEX liquidity, and 5 percent, 3 percent, and 2 percent were allocated to special utility, project treasury, and airdrops, respectively.
PeckShield flags certain scam meme coins
While meme coins are in huge demand for their ability to stage a significant percentage surge within a few days, blockchain security firm PeckShield has flagged several down as being scams. According to them, several rug pulls were recorded in the creation of some of these meme coins within the last three days.
We have detected a series of #rugpulls involving the creation of ~10 Scam #MEME Tokens within the last 3 days. #PEPEDOGE, #PEPEC, #WOW, #MEME, #FOUR, #NEWPEPE, #BENZ, #BMW, #POP, and #BOBO, which was created ~3 hours ago and has just had its liquidity removed. https://etherscan.io/tx/0x77406f803f3b956e2399292bb4f503ee063934a3791d151168c0af62e474ad9a.
The scammers initially funded 3.47 $ETH from #MEXC, pumping the token price to trick folks and subsequently draining the pool.
In a Newsletter, Coinbase (COIN) also flagged the growth of Pepe Coin and other meme tokens that reached a $2.3 billion trading volume last week. This volume is said to be the highest level since May 2021. Pepe Coin alone has surged by 55,000 percent since its launch in mid-April. According to Coinbase, the “Pepe the Frog” meme associated with Pepe Coin has been used in a racist manner on the internet.
These comments triggered a campaign against Coinbase by the Pepe enthusiasts, forcing the exchange’s Chief Legal Officer Paul Grewal to apologize.
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We screwed up and we are sorry. Yesterday, we shared an overview of the PEPE meme coin to provide a fact-based picture of a trending topic. This did not provide the whole picture of the history of the meme and we apologize to the community.
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