The Polkadot blockchain community has become the latest to jump on the memecoin train, with the emergence of a new cryptocurrency known as DED. It’s a brand new memecoin that was created by Polkadot enthusiasts and launched late last year, and it has shown some impressive traction thanks to its strong community outreach and fair distribution mechanism that invites every DOT token holder to participate in an upcoming airdrop and receive free tokens.
The strategy is clearly working, as DED has already gotten strong support from some of the most significant members of the Polkadot ecosystem, while DOT token holders have made their enthusiasm extremely clear.
The DED Telegram group has expanded to over 4,000 members within just seven days of its launch, mirroring the organic growth that helped push earlier memecoins like Dogecoin and Shiba Inu into the limelight. As DED’s community grows, its most enthusiastic supporters are basically marketing the token for free.
DED’s creators have promised to airdrop free DED tokens to all DOT holders, and it’s this plan that is credited with attracting it so much attention. The project is aided by the fact that Polkadot is one of the biggest communities around outside of the Bitcoin and Ethereum ecosystems, and by incentivizing everyone to participate, it has generated a lot of excitement and anticipation.
Because it has gone for a linear distribution model, all eligible DOT token holders have a fixed percentage allocation. It avoids traditional VCs and investors, and ensures DED will have a much wider community reach.
It’s an advantageous strategy because, by including the entire Polkadot ecosystem, DED gains a lot of supporters who will actively spread the word about the new memecoin.
The other aspect of this approach is that DED has gained a lot of support from Polkadot’s biggest projects, with the likes of Nova Wallet, StellaSwap, SubWallet and Talisman all coming out in support of the new token.
One of Polkadot’s most successful projects, Nova Wallet plans to add support for DED shortly after its token generation event, and will bring exposure to a massive community of users. StellaSwap is the top decentralized exchange platform on Moonbeam, which was one of the original Polkadot parachains, and its support ensures that DED users can easily buy and sell the tokens.
As for Talisman, it can lend its expertise to help grow DED among less sophisticated crypto users, while SubWallet brings its own loyal user base.
With so many important projects backing DED, the memecoin has already established a lot of credibility even before its official launch, helping to generate even more excitement and interest among the Polkadot community. Numerous polls have shown up on X, formerly known as Twitter, showing that DED is the Polkadot community’s favorite memecoin.
DED’s cause is aided further by the fact that Polkadot’s community is playing a key role in the design of the token.
“The DED coin is really a testament to the strength of the Polkadot community,” said Giotto De Filippi, a DOT Activist and $DED coin enthusiast. “The dedicated Polkadot community have built this from the ground up in a completely permissionless, decentralized, and transparent way while bringing back the fun and whimsy that made many memecoins successful in their own right.”
It’s perhaps not a massive surprise to see that interest in DED is translating with a surge of activity on the Polkadot network on which it’s based. In the last couple of weeks, Polkadot has seen its daily active user base grow by almost 200%, averaging 15,300 at the time of writing. There has also been a significant increase in the number of DOT tokens being staked, rising to over 709 million.
Polkadot, which is focused on building an interoperable network of blockchains, recently made headlines when it announced a collaboration with Unity Games. The network will integrate with Unity’s video games engine, which powers hit games like Call of Duty and Pokemon Go, to encourage the development of more sophisticated blockchain games.
The DOT token has made strong gains over the previous three months, rising from a price of $5.53 to $7.69 at the time of writing. If DED is able to build on its solid pre-launch interest, it could yet spark even further demand for DOT.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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