Coinbase has been the new hub for meme coins for the last couple of days.
The hype was created because most meme coins on that blockchain have risen significantly even reaching the top five ranking compared to other crypto categories in terms of weekly price gain. Through all of these hypes, there was a new meme coin created called the MFER Coin.
What is The MFER Coin?
MFER is a meme coin created by a pseudonymous developer who goes by the name of @satoshi_rip on Twitter (X), paying respect to the creator of Bitcoin who goes by the name Satoshi Nakamoto.
Source: MFER Coin Official Site
The token was created natively on the Base Blockchain which makes it an ERC20 token since the Base Blockchain uses the same token standard that Ethereum uses.
It was launched on March 31st, 2024 through a fair sale on Uniswap which then got listed on several well-known centralized exchanges.
There were no clear plans behind the project as the developer behind MFER Coin stated clearly that the project is a meme coin project with no real fundamentals and no expectations of profit.
MFER Coin has no clear utility aside from being able to be transacted among its holders through trading.
The official site also shows no clear plans or products related to MFER Coin, so it is clear that this is just a meme coin project trying to capture the hype of the Base meme coin hype.
How Well is it Doing?
MFER rose around 27% in just two hours which was sadly its all-time high, considering the price never went back up again after the launch.
Source: CoinGecko
Although the token has been trending downwards overall, it still attracted many degen traders to trade it as several volatilities caused the token to go up a couple of percentage points in some occurrences. This has made the overall market capitalization of MFER rise significantly in a short period.
Looking at the data from CoinGecko, it can be seen that compared to other meme coins, it would unofficially stand at the 26th spot, which is not a bad rank considering there are many meme coins in the market.
However, this is unofficial as the data for the official market capitalization of this token is unclear because there are many wrapped versions of it on other chains as well as other similar versions on the Base Blockchain.
Looking at the token economics, it can be seen that there is a maximum supply of 1 Billion MFER with 20% being distributed during the launch to community members and other supporters of the project.
The remaining 80% is kept as liquidity for it to be transacted on decentralized and centralized exchanges.
Conclusion
Looking at the current condition of MFER, it seems that the token might be considered good to trade in the short term because of the volatility that it brings.
In the long run, it still has no potential yet as the current trend seems to still trending downwards with no signs of recovery, making it a risky investment to capitalize on in the future.
Overall, the token seems to be just another meme coin that you can utilize to trade with for short-term volatility rather than long-term gain.
Official Website
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