How 50 individuals got over $500,000 in Ethereum tokens for free: MEME

If you've browsed Crypto Twitter over recent weeks, you likely know of a project called MEME. The platform, which allows users to generate and swap digital cards/art pieces of some popular individuals in the Ethereum space, has rapidly risen to prominence as a place where traders can blow some excess cash.

Can you really blame them? Through MEME, you can collect Ethereum-based cards of individuals like Yearn.

Behind this platform is an interesting story - the story of how 50-odd users were gifted cryptocurrencies worth over $500,000 as of recent highs.

Quickly, a token was decided on: the four or five dozen users in the group were allowed to enter an Ethereum address into a Google Form distributed in the Telegram group.

Although we don't know all of the individuals that got the tokens - many are pseudonymous - the individuals that were left were a group of individuals that wanted to build something.

Chat history only goes back so far but at one point, the group decided to pivot MEME into the digital art/trading card phenomenon we see today.

This was a good choice: at the recent highs as per CoinGecko, MEME traded for $2,000, basically meaning that users who received the original airdrop and held all the way through were gifted $700,000 worth of Ethereum tokens for free.

A few users like Anthony Sassano and Sam Ratnakar lamented how they sold most/all of their coins when it began trading at around $10. The reason for MEME's recent growth is the rise in digital art.

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Over the past few weeks, decentralized finance developers have found an intriguing way of spawning successful projects: take the code of an already-successful project like Compound, Aave, Yearn.