New Cardano Memecoin Has Rapid Rise in Trading Volume
12/27/2023
Last week saw the launch of a new memecoin on Cardano called FREN, based on the Pepe meme that became popular on Reddit and 4chan in the early days of the meme revolution. FREN has achieved impressive volume in the few days it has been trading on minswap and brought more eyes onto the Cardano ecosystem. This article delves into Fren, its launch, and more.
ADA Peepos and the Birth of FREN
Fren emerged from the artistic vision of Toadashi, founder of the ADA Peepos NFT project. The NFT collection debuted on December 9th, offering 4,266 unique pieces. The initial 1,400 mints were generously distributed for free, while the remaining 2,866 NFTs were made available for a mere 5 ADA each.
As the NFT collection gained traction, the community fervently requested a Cardano native token. Responding to this demand, Toadashi unveiled the FREN presale. On December 18th, 2023, the presale commenced, exclusively for ADA Peepos NFT holders during the snapshot period. The liquidity pool (LP) went live a day later, with the community opting to burn the LP tokens using the Snek Burn Wallet Address. ADA Peepos NFT holders received an additional reward through an airdrop following FREN’s launch on Minswap.
Immense Volume: A Meteoric Ascent
Fren entered the cryptocurrency scene with a notable climb within the top 50 on TapTools. Starting its journey from a respectable #50 spot, Fren’s rise has been remarkable, currently securing a formidable position at #26. This ascent within the TapTools top 50 underscores Fren’s growing influence and popularity.
Maintaining this upward trajectory, FREN has consistently demonstrated significant daily transaction volume, achieving millions of ADA. Notably, during the recent holiday break, FREN surpassed Snek in daily volume, securing a remarkable position as the #2 Cardano Native Token in daily trading volume. In just eight days of trading, FREN accumulated a substantial 28.41 million ADA in trading volume across 22,443 trades, equivalent to 1.471 trillion FREN tokens. The most profitable FREN trader realized a profit of 78,535 ADA, with an additional unrealized profit of 10,135 ADA at the time of writing. FREN’s impressive journey from #50 to #26 on TapTools attests to its rapid ascent within the competitive landscape of cryptocurrency.
FREN’s Future and Community Dynamics
Looking ahead, FREN has plans that extend to technological advancements to emphasize the active engagement of its community. Collaborations like FrenSwap with DexHunter and the partnership with Anvil Labs for SOL cryptocurrency transactions are indicative of strategic moves within the project. However, FREN’s core strength lies in the dynamic participation of its community.
Fueled by enthusiasm on platforms like X (formerly Twitter) and Discord, FREN has evolved into a central hub for a diverse and engaged community. This collective enthusiasm propels FREN into visibility, fostering an inclusive atmosphere. As FREN continues to gather community support and introduce innovations, observing sentiment becomes crucial for market observers.
The unpredictable nature of memecoins and the broader crypto landscape emphasizes the need for thorough due diligence, especially given the high-risk nature of memecoins. As the memecoin season unfolds across popular layer 1 blockchains, traders and potential investors are encouraged to stay informed and exercise caution in navigating this dynamic market, recognizing that, while captivating, memecoins come with inherent risks.
Interview with Toadashi
We had the chance to interview Toadashi, the founder of ADA Peepos and ask him some questions about the project, blockchain, and more.
“What inspired you to create the project and why did you choose Cardano?
Ada Peepos was initially just a “pfp” project that I wanted to do for fun. There is a Pepe themed nft project literally on every other chain out there except on Cardano, so i thought that maybe we should have one here as well. I love the meme culture around Pepe and tbh I think Pepe is so universal in a sense that you can communicate strictly using Pepe memes.
My initial goal was to bring some fun back to minting since we were experiencing an NFT drought so to speak, projects haven’t really been minting out and minting didn’t feel the same as it did last year and that’s why I decided on the free/5ada mint.
Honestly, I didnt think adapeepos would even mint out, let alone have this insane traction that it did so I’m still in disbelief at what its become
What areas will the project focus on in the future?
As I mentioned, this project was only intended to be a “pfp” project. But as we minted out and gained traction, the community wanted a token to be made. So, I followed what the community wanted, and $FREN was born in the process. I’d like to think that ADA Peepos & $FREN is a strictly community driven project at this point now.
All the moves we’re making are at the request of the community. Any idea or suggestion that gets brought up here in discord is noted by the team and we do our best to give the community what they want.
We had a saying leading up to the $FREN token drop “You ask, we gib.” and I think we’re doing our best as a project to live by that saying. So as of now we’re focusing on getting our staking of our Ada Peepos to reward our holders with $FREN token, implementing a handful of burn mechanics to our $FREN token, and aim to get listed on low tier (for now) CEX’s, with bigger aims in the future. Along with anything else the community asks of us.
Can we expect any merch / real life utility type things?
This is a discussion that we’ve had and are working towards. But nothing is set in stone just yet.
What’s been your crypto journey so far? / When did you get into crypto and what are your favorite chains?
I’ve been in crypto over the past few years, buying into BTC first and then ETH, SOL, ADA. I’ve always kept an eye on NFTs, more of an outsider looking in. I’ve bought into a couple random projects on ETH only to be rugged, plus ETH projects kind of turned me off on NFTs just because I felt that NFTs at the time I was getting into them was just really hectic, too much to follow. But after checking out the NFTs on Cardano, it felt more easy to follow, less noise, and more community focused so this is where I decided to put a lot of my attention.
Then with this year’s rise of BTC inscriptions and BRC-20s, I got similar community driven vibes as Cardano, so I’ve spent some time learning of inscriptions.
I’m bullish on BTC and hoping to bring ADA Peepos over to that side in the future! I have a contact with the team at Ordzaar and will possibly make BTC Peepos in the future”
The Memecoin Surge: Bonk’s Coinbase Boost and the Domino Effect
The recent surge in memecoins found its spark in Bonk’s extraordinary journey on the Solana blockchain. The real turning point came when Bonk, making a strategic move onto Coinbase, one of the cryptocurrency world’s major exchanges, experienced an explosive surge, marking gains of several hundred percent.
Bonk’s listing and subsequent price action created a ripple effect across the memecoin landscape. Memecoin traders, spurred by Bonk’s success, quickly engaged in speculative activities on various other memecoins. This chain reaction of speculation served as a catalyst, initiating a broader memecoin run that captured the attention of traders and enthusiasts alike. Bonk’s remarkable journey not only showcased the individual potential of a memecoin but also acted as a catalyst for a wave of excitement and speculation, demonstrating the influential role these digital assets can play in shaping market trends.
Conclusion
In just over a week, FREN has rapidly ascended to become a prominent memecoin within the Cardano ecosystem, now arguably the second most popular, closely following Snek. Beyond its trading success, FREN’s true strength lies in the energetic community it has attracted. As FREN continues to ride the wave of community enthusiasm, its journey underscores the influential role of memecoins in the dynamic landscape of cryptocurrency.
This article is strictly for informational purposes and does not constitute a promotion or financial advice. Our aim is solely to provide users with the latest news and updates within the Cardano ecosystem. Token info was accurate at the time of writing.
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