Joe Trader Shakes Memecoin Market With Innovative Breakthrough

Trader Joe rocked the memecoin market with innovative breakthroughs (Photo; Doc. Forexezy)

JAKARTA - The decentralized Exchange (DEX) Trader Joe, based on Avalanche's network, launched a series of innovative new products. The move was taken to challenge the dominance of platforms like Solana's Pumpdotfun and Tron's Sunpumpdotmeme, which currently reap an average revenue of 1 million US Dollars (Rp15 billion) per day. Trader Joe introduced three recent features: Token Mill, Bid Barn, and Aggregation, which are expected to attract traders and token creators around the world.

Token Mill, the main innovation of Trader Joe, serves as a memecoin generator that uses bond curves to set new token prices before trading on DEX. This bond curve mechanism allows token prices to increase as more and more purchases create dynamic and transparent price discovery processes.

However, according to Crypto Fish, one of the founders of Trader Joe who goes by pseudonyms, Token Mill is not just a tool to create memecoins. Token Mill is designed to launch various types of coins, not just memecoins," Crypto Fish said via platform X on Thursday (24/8). It describes the Mill Token more as a cremental playground' for token creators, opening up opportunities for broader innovation beyond memecoins.

According to DL News information, the memecoin market has grown rapidly, with a collective value of 42.6 billion US Dollars (Rp656 trillion) according to data from CoinGecko. Three of the main memecoin generators at this time Pumpdotfun, Sunpumpdotmeme, and Fourdotme managed to earn more than 220,000 US Dollars (Rp12.4 billion) in fees last Wednesday (23/8) alone. In particular, the Sunpumpdotmememe, which is based on the Tron network, managed to surpass the dominance of Pumpdotfun in daily revenue for the first time, with a total of nearly 600,000 US Dollars (Rp9.2 billion) compared to the 360,000 US Dollars (Rp5.5 billion) from Pumpdotfun.

Bid Barn, a second feature, allows users to bid on newly launched tokens. This feature is designed to provide users with the opportunity to get tokens at lower prices before prices rise. Meanwhile, Aggregation, a third feature, allows users to combine various tokens into one, create a more diversified token portfolio and reduce investment risk.

This Joe Trader move is expected to provide a new color in the growing memecoin market. With a large market value and increasingly fierce competition, the innovation offered by Trader Joe is expected to attract traders and token creators around the world.