Memecoin THE explodes after Vitalik Buterin's joking tweet
From a joking Twitter post by Vitalik Buterin, a new memecoin called THE was born and stormed Uniswap in the past few days.
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On October 14, Ethereum co-founder Vitalik Buterin joked on his Twitter that if a project was called “THE Protocol” it would be easy to “shill”. The reason is because the word 'the' often appears in spoken language and it will serve as a way to promote the project. The full text of the shared tweet is as follows.
Four days later, more than 20 memes named THE are being traded on Ethereum and Binance Chain.
Blockchain security firm Peckshield has flagged six of them and called them 'honeypots'. These are fraudulent tokens that can be bought but not sold, leaving buyers unwittingly stuck with a pile of tokens with no value.
Vitalik Buterin himself also "regretted" his statement when he discovered the number of tokens that had been created because of the above tweet. The founder of Ethereum in the past also contributed significantly to the rise of another memecoin, Shiba Inu (SHIB).
Elsewhere, interest in the original memecoin THE has led to a spike in trading volume on Uniswap by nearly $1 billion in 24 hours. Recorded reaching a 7-month high of this decentralized exchange.
According to The Defiant Terminal, in the past 48 hours, the volume of transactions on Uniswap has increased by 61% while the number of daily users has increased by about 39%.
According to data from Dune Analytics, THE coin has been traded more than 11,000 times in the last 24 hours and is the second most traded pair on Uniswap after USDC-ETH with a volume of $346 million.
Oct 19, 2022