Memecoins have been a huge part of the blockchain space for a long time now.
Dogecoin, the oldest and most popular memecoin is almost as old as Bitcoin and currently has billions of dollars in market cap.
Creating memecoins used to be a lot harder than it currently is. You either had to build a whole new blockchain for the memecoin as we have seen with Dogecoin, or build one on top of an existing chain, as we have seen with Shiba Inu and Ethereum.
However, with the introduction of inscriptions to the blockchain space in 2023, things like memecoins and NFTs can be created much, much easier than before.
This brings us to the subject matter: DOT and Polkadot-based memecoins.
How are they different? Should you look into them? How much can you actually make from them?
Polkadot is one of the most popular L1 blockchains out there and is currently ranked 12 largest in the world, in terms of market cap.
However, Polkadot isn't just like any other L1 blockchain—In fact, it is safe to say that DOT is special.
Polkadot serves as a central hub for several blockchains—a sort of link through which unrelated blockchains can communicate and transfer data to one another. Think of Polkadot as a telephone network between several houses on a street.
Do you see how promising Polkadot is?
Most of the other blockchains NEED DOT if they ever aim to create some of the most scalable and secure Dapps the world has ever seen.
Because of this, Polkadot has a guaranteed front-row seat when it comes to web3 innovation. This makes the network poised to become one of the largest chains overall, in only a few years.
What's more, Polkadot has also joined in on the Inscriptions hype.
This means that we are set to see some pretty exciting projects come to life very soon, and investors are readier than ever.
Memecoins have sprung to life on several other blockchains, particularly in 2023.
We saw the insane returns the likes of BONK on Solana, and SATS on Bitcoin brought investors throughout last year.
BONK, for example, rallied by nearly 10,000% in 2023 alone. But that's the whole idea with memecoins, isn't it?
They usually rally by percentages that regular cryptocurrencies can only dream of, and can multiply early investor capital to several times its original value.
As it turns out, two massive memecoins are coming to DOT, in some of the biggest airdrops of 2024. Let's go over these memecoins together:
PINK is one of the most anticipated memecoins in the Polkadot ecosystem. It is named after Polkadot's iconic "Barbie pink" colour, with a slogan that says "Less tech, more PINK".
Just like the core idea of memecoins, PINK aims to attract its investors through the use of fun, games and memes, rather than "technical jargon".
One of the ways to participate in the PINK airdrop is to play the PINKDROP game.
The PINKDROP game is a mini web-based game in which users "match and merge" the logos of Polkadot and some of its parachains like HydraDX, Moonbeam and Astar.
The more users play, the better they qualify for future PINK airdrops, which will be based on their in-game high scores.
PINK has not launched yet but is gaining a lot of traction on social platforms like Twitter and Reddit.
2,300,001,221 PINK tokens have been minted on one of Polkadot's parachains called Asset Hub, with 50% of these tokens going to the airdrop recipients and PINKDROP players.
DED is another memecoin on the Polkado network, that has been making waves as of late.
The memecoin is inspired by the "DED is not dead, DED is the future" slogan, which honours the memory of Polkadot's founder, Gavin Wood, who passed away in 2022.
DED was created to honour Wood's legacy, by creating a fun community around Polkadot.
DED is a satirical tribute token of sorts, to Wood.
The distribution mechanism of the memecoin is interesting, in that it is based on how much $DOT investors hold.
There is no official announcement yet on the website, but the total DED supply is 1,789,000,000,000 DED (1.789 Trillion), of which a whopping 80% will be distributed to the users.
Through these developments, Polkadot demonstrates its innovation and energy, as well as the opportunities presented by its environment.
Polkadot is thriving and embraces all the wild and wonderful things that are going on in other networks, from Bitcoin to Solana, in terms of airdrops, memecoins, inscriptions, the ongoing NFT frenzy, and more.
Both of these memecoins present a massive opportunity to cash in profits from the Polkadot ecosystem, merely by playing games and supporting the Polkadot ecosystem by HODLing.
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