Photo: Pixaby
Just how expansive is the meme coin economy? As we delve into this topic, it's important to acknowledge that 2023 has been broadly labeled as the 'year of the meme coins.'
As February of 2023 kicked off, the meme coin economy was already ascendent, with estimates projecting its value at an impressive US$22.5 billion. The burgeoning economy recorded a stunning monthly growth rate exceeding 34.5%.
Apart from original favorites like Dogecoin and Shiba INU, there emerged superstars like PEPE. Between April 15th and May 5th, PEPE Coin witnessed a surge of more than 50,000%.
And while PEPE has dropped 60% off its peak, that doesn't mean meme season is over. There's now room for new exciting coins to emerge and new tokens to rule the space. And the one the community is excited about is the PLANET token.
What is the PLANET Token?
PLANET is the newest token skyrocketing to prominence. But is it a meme? Or is it much more? While the token's meteoric rise and strong community lend it a meme flavor, there are hints that much more is to come. There is obviously a connection to bettering the planet, and constant chatter about a GOAT. This might refer to a four-legged herbivore, but more likely is an acronym standing for Greatest of All Time. So who's the GOAT? And what does it mean for the planet? The community is in suspense.
The token has drawn significant attention in a short span. Since May 2023, Planet Token's Twitter handle has already garnered nearly 21,000 followers. A newly-launched Telegram group crossed 4,500 people in under 48 hours.
Availability, Distribution, Tokenomics: The How, Why, and When of Planet
PLANET had a fair launch without presale - essential to building an equal-opportunity community. The contract was renounced immediately on launch, with zero taxes on buys, sells or transfers.
At the very beginning of its journey, Planet Token laid out its plans to lock 15% of the $PLANET supply in one wallet. Of this 15%, 6% was earmarked for ecosystem partnerships. 4% for CEX listings, and 5% were Team tokens - all locked or vested.
The Planet is available for trade and exchange on the Uniswap v2 DEX. Its meteoric rise has seen top-20 CEXs such as MEXC and Bitmart list it as a priority.
Purpose Meets Profit
Planet Token has a purpose, which is being revealed bit piece by piece as part of an intricate puzzle for the community to solve. From art to environment or gaming to social networking, Planet is building up to something big.
Along the way, it is generating returns for its community. On May 30, someone swapped 0.05 Ether (worth $90.2 at the time of writing) for 17,534,927,541.6 PLANET tokens (worth $663,697 at current prices) on Uniswap V2.
The exchange helped the person make an impressive $663,607, according to Etherscan, where 1 ETH equaled 48.19M PLANET tokens.
Carrying Forward the Legacy of Memecoins
The exponential jump in popularity and hype around Memecoins started with celebrities like Elon Musk and Mark Cuban promoting Dogecoin. Meme Stocks like GameStop and AMC Entertainment had witnessed a surge in prices to the range of 100 times within a few months.
Apart from being a contemporary tribute to pop culture, Meme coins also generate a strong community feeling among their owners. They are highly affordable and can often be owned in millions with a few dollars.
Planet Token adds the value of purpose to all these benefits. And that's why it seems to be set for a long run.
