The success of AIDOGE on the Arbitrum network has brought about a new meme season on the Ethereum Layer 2 blockchain. The result of its rally has been multiple new coins coming out of the blockchain as they try to leverage this newfound liquidity. In this report, we take a look at some of the promising meme coins that have been making a splash.
For PufDAO (PUF), this meme coin was launched two days ago and it seems to play into the 4/20 meme on Twitter. However, unlike other 4/20 meme coins that have arisen during this time, PUF has seen a reasonable level of success.
After launching at a price of $0.0000002101, the meme coin knocked off two zeroes by early Wednesday to reach an all-time high of $0.00002123, according to data from Dextools. This put its market cap at its peak at around $1.2 million.
The token has also crossed 1,900 holders in its two-day lifespan, although it has seen selling pressure after hitting its all-time high. Although there is no talk of CEX listings yet, PUF has been listed on Coinmarketcap and Coingecko, both of which seem to have helped in holding up the value of the token.
This token is yet to launch but they have taken a different approach to most other meme coins. Contrary to what AIDOGE did by airdropping tokens to wallets eligible for ARB airdrop, SHIBAI tokens are being airdropped to holders of its OG NFT collection.
Now, the NFT collection is made up of 48,000 items, the first 10,000 being free to mint, and subsequent mints costing $1 per item. However, it has grown rapidly since then as the airdrop has drawn closer. The NFT collection is now sitting at a floor price of 0.02 ETH with over 220 ETH traded since launch.
The project also launched its Whitepaper which details how its airdrop will be carried out with 50% of supply going to NFT holders, as well as ARB airdrop claimers being eligible for a piece of the pie as well. At this point, SHIBAI looks to be an anticipated launch with 41,000 Twitter followers and 13,000 Discord members.
AIDOGE’s Meme Coin Impact On Arbitrum
Before now, there have been a number of meme coins that have launched on Arbitrum such as SHARBI, but none have seen the success that AIDOGE has enjoyed. The cryptocurrency has been listed on multiple centralized exchanges including Gate.io, Huobi, MEXC, and BitGet. It is the first meme coin on the Arbitrum network to achieve this feat.
The coin has also enjoyed unprecedented trading volume in the last day, reaching $19 million in the last 24 hours. Its community has also grown rapidly in the last week with its Twitter rising to over 31,000 followers already.
AIDOGE sees upside following CEX listings | Source: AIDOGEUSDT on TradingView.com
It is still yet to be seen where meme coins will end up on Arbitrum if they will become a force to reckon with or fade into obscurity like the Arbtirum gaming tokens that came before them. But for now, they have captured the attention of crypto investors.
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from TheNewsCrypto, chart from TradingView.com