The new memecoin’s Telegram channel amassed over 20,000 airdrop hunters within a few days.
The airdrop of the new Polkadot-based memecoin, DOT is $DED has created widespread community criticism after the initial allocation was reduced.
The initial airdrop allocation was reduced from 100% of the token supply to just 5% of the supply, to create a longer financial runway for the memecoin, explained one of the memecoin’s pseudonymous developers, Giotto De Filippi, during a March 24“Once you distribute 100%, you run out of ammunition… Because the voters were not willing to fund the project, it makes more sense to distribute less and the rest of the tokens can be used to finance the project.
DED started trending on X on March 23, after members of the Polkadot community spun up the memecoin in an effort to capitalize on the memecoin frenzy and bring more attention to the Polkadot ecosystem. Investors holding Polkadot rose over 1,100% on the weekly chart, briefly becoming the 130th largest token by market capitalization.
BOME is part of a series of new memecoins that raised money for unreleased coins by way of a controversial presale model. Presales for theseOther blockchain networks are also trying to capitalize on the frenzy. On March 21, a $1 million liquidity mining incentive program for Avalanche-native memecoins and community-owned tokens.
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