A new meme token named DIE, born out of the Vitalik Buterin tweet, is up over 5,500%. However, some see the token as a bubble.
Vitalik Buterin has created another meme coin. Just days after jokingly suggesting that there might be a project called “Protocol”, which is aimed at sarcasm, the crypto community has created a token called DIE due to another tweet.
DIE is the German equivalent of “The”. It didn’t take long for developers to build and launch an asset social media accounts for the dye protocol. Unsurprisingly, the value of this coin has increased by over 5,500% in the past 24 hours, according to DEXTools. It is currently priced at $0.0000019.
One of the reasons the token has grown so much is the fact that in addition to being a meme coin, it is listed on several notable exchanges including Huobi and MEXC. It is also available on smaller exchanges.
2022 is proving to be a year for meme coins, with these tokens inspired by Buterin outperforming other assets. Investors have been shying away from distributing their capital to the market during the crypto winter, but apparently, this does not apply to meme coins.
the dye continues to go up
There is a lot of talk in the crypto community about flipping the first meme coin of DIE, THE. DIE currently has a market cap of $8.6 million, with significantly more buys than sales. Liquidity is currently over $400,000, and so far, it doesn’t appear to be a honey pot.
Some in the crypto community do not think there will be any risk, saying that the token will reach tens of millions in market cap in the coming weeks. They all seem to be shunning tokens, though investors will want to be wary of any tokens of this nature.
DIE can be a bubble
Quick money making tokens are always a risk. In the worst cases, they can be a trap with code resulting in capital theft. In the average case, they can quickly lose the value of the coin as interest in the meme has waned, bursting the bubble.
It is also a clear case that there is only a small amount of wallets that hold most DIE tokens. Bubblemaps shows the top 15 wallets that hold about 20% of all tokens. As such, investors would like to be careful, lest they get caught in quick dumping.
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