The memecoin market shows little sign of slowing down after Polkadot-based memecoin $DED trended on Twitter alongside global news events following the announcement of its airdrop snapshot.
The creators of the $DED token decided to airdrop free tokens to existing Polkadot (DOT) holders, with the snapshot occurring on March 18. All DOT holders who held their tokens in their own non-custodial wallet on that date will be eligible for the free $DED airdrop.
DED is Alive and Kicking
$DED is a memecoin built atop the Polkadot network by passionate DOT holders who wanted to showcase some of the unique features native to the Polkadot blockchain and its broader ecosystem.
“We love the Polkadot ecosystem,” states the memecoin’s website, adding: “We also think a little humor would do the ecosystem some good. The goal of the DOT is $DED movement is to drive growth in the Polkadot ecosystem by onboarding new users, bringing in new liquidity, and attracting attention from the crypto community at large.”
Interestingly, no team token allocation or compensation is asked of by the memecoin’s creators; rather, the project appears to be simply a labor of love.
Data shows that over one million Polkadot wallets were created in a single 24-hour period in the lead up to the airdrop, bringing in a 281,236% increase in daily active wallets on Polkadot AssetHub. It would appear the project’s stated aim of bringing eyes and users to the Polkadot ecosystem is in the process of being achieved.
Memecoin frenzy erupted in line with Bitcoin’s rise to a new all-time high as speculators sought to get in on the next humorous token to explode in value. Memecoins are stronger than ever, as evidenced by the rise of tokens like FLOKI, which gained over 600% in the past thirty days, as well as Dogecoin (113%), Toshi (534%), Wen (349%), and many others.
What’s more, Base, the Ethereum-based layer-2 network created by the team behind Coinbase, reported a doubling of its total value-locked (TVL) in a single month to over $2 billion largely thanks to a flurry of activity surrounding memecoin speculation.
The naming of the $DED memecoin is a joking reference to those who claim Polkadot is dead as a blockchain project. Polkadot currently lies in 13th place in the global cryptocurrency market cap rankings, holding a market cap of just under $14 billion.
Polkadot features novel architecture known as parachains, which can be tailored to the bespoke needs of individual services or companies. As well as featuring their own token, parachains retain the security of the broader network. Polkadot’s parachain network has attracted use-cases from various applications, including finance, gaming, privacy, and more.
The specific date of the $DED airdrop is yet to be announced. However, now that the snapshot has occurred, DOT holders won’t have to wait long to get their free share of their own Polkadot-based memecoins.
