When you put together a cryptocurrency with a meme, you get a memecoin. And as silly as a memecoin may sound to a seasoned investor, memecoins have shown in 2021 that internet communities are rather attracted to a “joke” cryptocurrency.
Dogecoin has managed to climb up to the top 10 cryptos by market cap. Shiba Inu has gotten into the top 50 cryptos by market cap.
Now, Garlicoin is making its way to the top with a well-thought plan and dope memes behind it.
Garlicoin in a few words
Garlicoin is a memecoin. This cryptocurrency is based on the garlic bread meme, which was hugely popular a few years ago.
It all started in December 2017, when Reddit user, DigitalizedOrange, published a post with the title: “If this post gets 30,000 upvotes, I will make a garlic bread cryptocurrency called Garlicoin,”
The idea of a cryptocurrency based on a garlic bread meme quickly appealed to the other Reddit users. Therefore, by January 2018, the mainnet of Garlicoin was live.
To create Garlicoin, the team behind it forked Litecoin and adjusted it to their own use case.
As a Litecoin fork, the Garlicoin blockchain uses a proof-of-work consensus algorithm modified to allow and encourage GPU and CPU mining. Also, the consensus algorithm was designed from the beginning and improved over time to prevent ASIC devices from joining the network to promote decentralization and avoid their dominance.
Nowadays, Garlicoin’s consensus mechanism is known as Allumi, and it also integrates Dash’s DWG difficulty adjustment mechanism. The DWG difficulty adjustment mechanism helps the network tune the mining difficulty according to the hash rate.
Because of the adjustments, Garlicoin’s blockchain is able to provide a block time of only 40 seconds.
Garlicoin until today
Although Garlicoin gathered a significant community, the cryptocurrency winter that followed in 2018 slightly hindered GRLC’s growth.
As we all remember, many other cryptocurrencies were doing rug pulls at that time, running with investors’ funds and simply abandoning their projects.
Yet, the Garlicoin team continued the development of their cryptocurrency, encouraging the loyalty of their community.
The project team has gradually updated the source code, constantly posting it on Github. The most recent version of Garlicoin’s source code is version 0.17.3, released on May 12.
The team also worked on implementing tipbots for Reddit and Discord, launched a payment service, a free GRLC faucet, and much more.
And because the biggest impediment to any cryptocurrency’s growth is access to markets and big exchanges, the team worked on listing Garlicoin on more exchanges.
Furthermore, they have listed GRLC on Pancakeswap and launched WGRLC as a BEP20 token on the Binance Smart Chain.
With all the development going on with Garlicoin, the coin surpassed $7 million in market cap. Because the cryptocurrency is hard-capped at 69 million coins, without artificial inflation and a halving mechanism that applies every 690,000 blocks, GRLC managed to break over the $0.1 level and rise steadily.
As mentioned before, right now, the GRLC price is rising steadily above $0.1. However, the Garlicoin team is working to have the coin listed on even more exchanges and to expand the ecosystem.
Garlicoin will soon be linked to a unique Garlic retro game on Steam, which will reinforce the memes. Furthermore, the game will come with monthly challenges that can win players prizes up to $100.
But the growth initiative in the gaming world doesn’t stop there. According to the roadmap, Garlicoin plans to further approach the gaming community in 2022 with a game that will integrate GRLC and participate in various competitions. This will push their existing Reddit community of over 101K members to new heights.
With the development prospects of Garlicoin, the community is getting more active, encouraging GRLC’s price to grow. And as the community expands and gets more robust, the price of Garlicoin will grow faster as well.