• 22 June, 2024

Meme Coin ‘THE’ Was Launched as a Response to Vitalik Buterin’s Tweet

A new meme coin was launched on Oct.14  as a response to Vitalik Buterin’s recent Tweet. Ethereum co-founder Vitalik Buterin remarked that a project called “THE Protocol” would be extremely easy to shill because supporters could say, “Look, so and so mentioned THE!” pretty much any time anyone says anything.

Four days later, over two dozen $THE meme coins are trading on Ethereum and Binance Chain. On Ethereum (ETH), a memetic token contract was deployed, and 100 million THE were immediately transferred to Vitalik’s address.

According to the blockchain analytics platform Nansen.ai, the largest token holder is Vitalik Buterin, who received 10% of the total supply. The top 50 non-entity addresses hold 50.6% of $THE, and the majority of them received it shortly after its release.

Nansen also points out that the token is listed on top exchanges such as Uniswap, which has 29.8 million $THE. MEXC Global centralized cryptocurrency exchange was the first CEX to list $THE and currently holds 11.2 million tokens, and crypto.com, which has 10K $THE, probably due to their users sending tokens to the exchange’s wallet.

This growing interest in meme coins has resulted in an increase in activity on Uniswap. The number of completed trades on Uniswap has increased by 61%, while the number of daily users has increased by 39% In the past 48 hours.

However, PeckShield researchers discovered that some THE tokens could be linked to honeypot contracts which are scam tokens that can be purchased but not sold, leaving unsuspecting buyers with useless tokens.

Buterin was taken aback by the turn of events and responded with a tweet that said, “ok, what have I done”

THE token is currently being aggressively promoted on Telegram by eponymous English and Chinese groups. In addition, a deep fake video of Vitalik Buterin endorsing THE Protocol and its token is spreading on TikTok. Vitalik, on the other hand, made no such claims. 

THE Twitter account has over 2,500 followers as of press time, and THE-themed Telegram groups each have 1500-2000 followers.

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