Upcoming Meme coin $DED Drives Huge Excitement Within Polkadot’s Community

The sudden rise of the upcoming meme coin $DED has been driven by overwhelming enthusiasm from the Polkadot community that birthed the idea. Given the huge interest in the memecoin ahead of its official launch, there is now considerable optimism that support for $DED can translate into significant gains for Polkadot’s native $DOT token too.

That wouldn’t be a surprise, for the community has deemed that holding $DOT is the key to owning $DED. The creators of $DED have opted the simplest and fairest distribution plan for their token, with free airdrops that target $DOT holders and incentivize them to participate in its launch. As such, the more $DOT you own, the more $DED you’ll be entitled to when it launches.

The linear distribution of $DED is coupled with the use of time-tested memes and jokes that celebrate the upcoming birth of the memecoin. It’s a strategy that aligns perfectly with the grassroots culture of Polkadot itself, and it has encouraged the community to become the main driving force behind the project.

The aim of $DED is to disrupt the cryptocurrency ecosystem in a playful way, similar to how Dogecoin and Shiba Inu gained so much early traction. It’s a plan that appears to be working well, perhaps very well, for $DED is on track to achieve stardom even faster than those rival memecoins.

Evidence of this comes from the rapid growth in membership of $DED’s Telegram group, which has accumulated more than 4,5000 members in the nine days since the project was first conceived.

Driven by the strong community interest in $DED, some of the top players in the Polkadot ecosystem have also come out in support of the memecoin. For instance, Nova Wallet, one of the most popular $DOT wallets, has announced it will support $DED at launch. The backing of Nova Wallet will translate to additional exposure for the token, as will similar moves by other popular wallets such as SubWallet and Talisman.

In addition, $DED has also won the backing of one of the top DEX platforms on Moonbeam, which was one of the original Polkadot parachains. Once $DED is listed on StellaSwap DEX, it will facilitate what is looking likely to be a thriving trade in the new token.   

Such strong support from so many major players in a blockchain ecosystem is quite a rarity for a token that hasn’t even launched yet, and lends credibility to the idea that $DED could be one of the hottest new cryptocurrencies to launch in 2024.

$DED To Drive $DOT Price Action?

$DED has made a lot of noise in the last couple of weeks and the incredible enthusiasm within the Polkadot ecosystem has led many to think it could well drive up the price of its native $DOT token, perhaps even taking it ahead of its all-time high of $55.

Much will depend on the fortunes of the wider crypto ecosystem and top tokens such as Bitcoin and Ethereum, but assuming we do see another bull run this year, the success of $DED can only be a good thing for $DOT holders.

Already, Polkadot has benefited from a sudden surge in on-chain activity since the excitement around $DED first emerged, with its daily active user base rising by 200% recently. That increased activity led to Polkadot transaction fees hitting an all-time high of $2.6 million in the week ending Dec. 25. Additionally, there has been a significant increase in the amount of $DOT tokens staked.

$DOT was trading at $7.73 at the time of writing, up 3.4% in the past 24 hours, with a market capitalization of $10.1 billion. It also boasts a 24-hour trade volume of $385.7 million.

It remains to be seen in which direction $DOT will go next, but if the experiment with $DED succeeds as the early signs suggest, it will almost certainly lead to increased demand for Polkadot’s native token.