Get To Know DED, The First Meme Coin On The Polkadot Network

The official Polkadot has the first meme coin built on its own network, namely DED. (Photo; Doc. Teacher Watcher)

JAKARTA - Polkadot, a leading blockchain platform in the crypto industry, has presented its first meme coin, DED. Meme coins or meme coins are a type of cryptocurrency inspired by meme culture on the internet and usually have no intrinsic or utility value.

However, DED is not an ordinary coin meme. This project takes an unusual approach in its launch, without a team or presale allocation. Instead, DED relies on a plan to distribute fair tokens through free airdrops for the original Polkadot token holder, DOT.

This innovative strategy has succeeded in attracting the attention and support of the Polkadot community, known as one of the largest and strongest blockchain ecosystems today. Within just 12 days of its introduction, DED has more than 4,800 members in its Telegram group, making it one of the most popular projects in Polkadot.

DED's organic growth reflects the movement of iconic coin memes that were its predecessors such as Dogecoin (DOGE) and Shiba Inu (SHIB), which also rely on fair token distribution and community participation to achieve success. However, in contrast to other coin memes, DED also has high credibility and legitimacy, thanks to the support of key players in the Polkadot ecosystem.

Several important platforms such as Nova Wallet, Stella Swap, Talisman, and SubWallet have expressed their intention to support DED, both as storage, exchange, and staking. This shows collaborative efforts to facilitate the adoption and use of DED among Polkadot fans.

In the midst of high enthusiasm for DED, Polkadot's on-chain activity also experienced a significant increase. According to data from Subscan, transaction fees on the Polkadot relay chain reached a record high of $2.6 million (Rp 40.5 billion) between 18 and 25 December. This increase coincided with an increase of 200% in the number of daily active users, an average of 15,300 on the Polkadot network.

This surge in on-chain activity is attributed to a tremendous increase in DOT staking, the original Polkadot token. Currently, more than 709 million DOT tokens are at stake to secure the network, with a participation rate of 67%. Staking DOT provides rewards for its holders, while improving network security and stability.

Currently, DOT is trading at $7.7 (IDR 119,504), a 9.79% drop in the last 24 hours, according to data from CoinMarketCap. DOT has a market cap of $10.1 billion (IDR 156.8 trillion) and 24-hour trading volume of $681 million (IDR 10.6 trillion).