Airdrop hunters on a new Polkadot-based memecoin platform have expressed disappointment over reduced token allocations.
According to an X post on Mar. 24 by one of the DOT is $DED developers, the network reduced the initial token allocations from 100% to 5% to ensure significant liquidity for the meme token. The developer further said a lack of funding was another factor that caused the allocation reduction. Due to this change, there have been widespread reactions in the Polkadot community on the X platform.
Why 5% percent and not 100%?
Watch this: https://t.co/flwQY8N9xF
— Giotto De Filippi (@giottodf) March 24, 2024
Reactions Trail Reduced DED Airdrop
On Mar. 23, DED became a hot topic on X as members of the Polkadot community launched this token to ride the wave of the meme coin craze and draw more attention to the Polkadot network. Investors who hold Polkadot (DOT) had the opportunity to receive 36 DED tokens for each coin they hold. However, enthusiasm among retail investors waned when the team decided to decrease the initial airdrop allocation.
Polkadot
I wasn’t going to comment on this because emotions are running high on social platforms, but I want to share my thoughts.
Like everyone else, I’m disappointed with how the DED situation unfolded. The treasury spent money, and many people recently bought and held… pic.twitter.com/vWaQMyYu04
— Orlando (@OrlandoG85) March 23, 2024
Per data from Dune Analytics, more than 85% of the DED airdrop allocation has already been claimed, with over 1.3 million eligible addresses. Unlike many other meme coins, the supply of DED allocated through airdrops remains frozen until its eventual listing on exchanges, a measure aimed at mitigating selling pressure.
Surging Meme Coin Frenzy
Notably, the Polkadot-based token debuted during a surge in retail interest in meme coins and a corresponding significant increase in this asset class’s popularity. For instance, over the past seven days, Book of Meme (BOME) recorded a weekly surge of more than 1,100%, briefly claiming the position of the 130th-largest token by market cap.
BOME is one of several new meme coins implementing a presale model to raise funds for unreleased coins. Furthermore, presales for these Solana-based meme coins generated more than $100 million in Solana’s (SOL) tokens between Mar. 15 and 17.
Besides the Solana ecosystem, other blockchain networks also capitalize on the memecoin frenzy. On Mar. 21, the Avalanche Foundation officially confirmed a $1 million liquidity mining incentive program for Avalanche-native meme coins and community-owned coins.
