MEME, a community-driven undertaking impressed by a ConsenSys developer’s satire of the yield farming bubble, has gained practically 100% in 24-hours to put up an all-time excessive of $1,775 after itemizing on Poloniex.

For the reason that begin of September, MEME has gained greater than 900%, regardless of its supporters selling the undertaking via the slogan ‘don’t purchase MEME.’ MEME is at present the 254th-ranked crypto asset with a $48 million market cap, with greater than $17 million value of MEME altering palms prior to now 24 hours.

MEME/USD: CoinGecko

The undertaking’s unlikely rise started when ConsenSys’ DeFi product lead Jordan Lyall created a mock-advertisement for a yield farming protocol generator dubbed ‘The Degenerator.’

Inside hours of the put up circulating throughout crypto-Twitter, somebody had created an ERC-20 underneath the identical title, and listed it on Uniswap underneath the ticker ‘MEME.’ The 28,000 token provide was distributed by way of airdrop in batches of 250 to Telegram customers inside half-hour of the token’s creation.

The undertaking now includes an “experimental protocol” that “mash[es] up a number of the most fun improvements in DeFi” by providing yield farming rewards within the type of meme-inspired non-fungible token collectibles.

Poloniex is the sixth change to listing the token, following Uniswap, Balancer, 1inch, Hoo, Mooniswap. Greater than 72% of commerce takes place on Uniswap.

In response to MEME’s meteoric bull-run, EthHub co-founder Anthony Sassano (‘sassal0x’) revealed that he was one of many unique airdrop recipients who had offered his tokens on day one as a result of he thought it comprised “only a random token with no use.”

Had he hodled, his stash can be value roughly $600,000 as we speak.