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Investing.com – It may expire at any moment.. A meme does not exist to make a profit for its creator based on anything other than its existence, and it can unravel at any moment based on the whims of traders only.
This submerged digital currency only took a few hours to get rid of all its zeros to jump to levels above 377 in hours.
Degenerator meme, one of the submerged cryptocurrencies whose founders claim it may be a popular meme similar to Wchiba.
It is reported that in recent days, with the spread of the phenomenon of meme coins and dog coins, such as Dogecoin, which have found support from business and financial magnates such as Elon Musk. Some submerged currencies began to reappear, while others took off amid the media revolution, taking advantage of the so-called global trends.
During the past few hours of trading today, Wednesday, the immersed symbol Meem Mem launched by more than 2,500,000%. The price of the token increased in less than 24 hours from $0.01671 levels to $377.65, according to Coin Market Cap data.
While the Degenerator token MIM rose from levels of $0.005242 on January 15th to the current levels, an increase of more than 72000000%. However, this currency had reached levels of $589 on January 14, before suddenly dropping to levels of $0.00817 on the same day, meaning that it fell more than 99%.
What is a meme?
CoinMarketCap’s current rating is 1045, with a direct market capitalization of $10,366,532, a circulating supply of 28,000 mem coins and a max supply of 28,000 mem coins.
The best exchanges to trade Degenerator MIM stocks are currently CoinW, Hoo, Honeyswap, Hotbit and Poloniex.
The meme is the original token of the exclusive digital NFT art platform DontBuyMeme, which hosts digital artists from around the world and offers its community an opportunity to craft NFTs by placing their own meme tokens.
It comes to you in exchange for staking, users earn redeem credits which are used for the NFT instrument of their choice, the meme can also be used to bid on art auctions through the platform.
The founder of Meem’s indirect coin is Jordan Lyall, DeFi product lead at Consensys. Lyall has created what he calls Degenerator, a prank tool to launch new DeFi projects in minutes.
Since its launch in mid-August, the meme has grown to all-time highs of $1,700 per token.
But the coin’s founder publicly warned potential investors via the media against buying the coin, as its status was a joke and there was no showing of the underlying value.
deliberation is a virtue
It is mentioned that some of these currencies involve blatant fraud and a major deception that may destroy the fortunes of those looking for a foothold in the land of dreams, where they catch up with a currency since its inception, perhaps the new one. It is noteworthy that the digital currency market, specifically these new currencies, is also launching at full speed and declining at full speed as well, as it is a highly volatile and high-risk market.
So you should be very careful when dealing with cryptocurrencies that can make you rich overnight, and can take your money away in moments.
The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.