Degenerator, or MEME, an obscure project that began life as an airdrop to Telegram users, has managed to garner a $3 million market cap and is seeking to carve a niche for itself as a non-fungible token (NFT) farming protocol.
MEME emerged from a joke posted by ConsenSys’ DeFi product lead Jordan Lyall, who created a joke advertisement ‘The Degenerator’ — a fictitious tool for creating ponzinomics-inspired yield farming tokens.
The joke quickly struck a chord with the crypto community, receiving significant engagement on Twitter. However, within hours of Lyall publishing the post, someone had minted a token dubbed the Degenerator and listed it on CoinGecko under the ticker ‘MEME’. The asset’s total supply of 28,000 tokens was then quickly distributed to interested parties on Telegram.
Memes are our way of making fun at times like these specially Filipinos, we are fond of making lot's of memes in everything. It could be funny, it could also be political sometimes.