MemeFi price has gone parabolic after its much-waited airdrop. According to CoinGecko, the MEMEFI token jumped by 120%, reaching an all-time high, and bringing its market cap to over $127 million.
MemeFi Airdrop Success
MemeFi is one of the biggest players in the Telegram ecosystem with over 50 million users from around the world. These users earn tokens on its ecosystem by doing several things like playing its highly interactive game, daily check in, referrals, and following its social media platforms.
MemeFi operates in a similar industry to other popular platforms like Hamster Kombat, Notcoin, and Citizen.
Data shows that the coin has surged after its airdrop, a sign that many of the claimants are not selling the coin. It has also rallied because it has been listed by some popular exchanges like OKX, Bybit, Bitget and Bybit. This means that it has become available to millions of users from around the world.
Its perpetual futures are also trading in some exchanges like OKX, Bybit, and MEXC. Indeed, the open interest in this ecosystem has jumped to over $44 million, with most of the trading happening in Bybit and OKX.
Unlike most Telegram applications, MemeFi did not select the TON Blockchain. Instead, they developed on Sui, one of the fastest-growing layer-1 networks. This partially explains why Sui’s DEX volume has jumped in the past few days.
According to its airdrop documents, users can generate yield by burning the MEMEFI token for a derivative or staking it for a derivative. More utilities for the coin are participation in the Telegram prediction market and access to its ad network discounts.
Read more: Hamster Kombat is Still Crashing: Will HMSTR Recover?
TapSwap airdrop still delayed
The successful MemeFi Token Generation Event (TGE) means that TapSwap is one of the top Telegram apps that is yet to launch its airdrop.
TapSwap had promised to launch its airdrop in July this year. The developers then delayed the drop to “sometime in the third quarter.” That quarter came and went without happening.
Since then, the developers have insisted that the airdrop would happen soon as they are in talks with large players in the industry to ensure that it went on smoothly. They have also cited other Telegram coins that went public and then collapsed.
As such, their goal is to ensure that they have an ecosystem that will give the TAPS token utility before its airdrop. In line with this, they have announced a plan to launch a skill-based Web3 gaming platform for the tap-to-earn community. It will offer fair rewards and other opportunities for gamers.
Still, these initiatives don’t guarantee that the TapSwap token price will do well after its airdrop. Besides, historically, most “to-earn” tokens have crashed over time. This includes tokens like Decentraland, Sandbox, and Axie Infinity, which have plunged by over 80% from their all-time highs.
