New memecoins begin to land on Neo N3

Several memecoins have recently launched on the Neo blockchain and can be swapped on the Forthewin Network DeFi platform. The increased activity surrounding memecoins on Neo mirrors current trends on other networks like Solana, Ethereum, and other EVM L2s.

As of March 2024, the four most popular new memecoins on Neo include Schrute Bucks (SCHRUTE), Frank Coin (FRANK), Ape Coin (APE), and The Hongfei (HD).

Each memecoin is paired only against GAS, except for HD, which is also paired against bNEO. At the time of press, each of the LPs contains 296.684, 696.471, 1,770.801, and 4,312.083 GAS, respectively, totaling roughly 6,798.34 GAS between the four pools. Additionally, HD is paired against 17.359 bNEO.

The total supply for aforementioned memecoins is as follows:

• Frank Coin: 769,748 FRANK

• Schrute Bucks: 1,180,000,000 SCHRUTE

• Ape Coin: 100,000,000 APE

• The Hongfei: 1,000,000,000 HD

Distribution of the memecoins across wallets is:

• Frank Coin: 271 wallets

• Schrute Bucks: 1291 wallets

• Ape Coin: 84 wallets

• The Hongfei: 89 wallets

Creating Memecoins

In addition traditional smart contract development, memecoins can also be launched using no-code solutions such as Forthewin Networks Smith feature. Smith dApp allows any user to mint NEP-17 tokens on Neo N3 at a deploy fee of 10 GAS and a service fee of 1,000 NEP tokens. When minting a NEP-17 token through Smith, the following information is required: token name and description, symbol, decimals, total supply, and author.

Frank Coin, Ape Coin, and The Hongfei tokens were all launched through the Smith feature. Schrute Bucks, on the other hand, was developed using COZs neopython suite.

History of Memecoins

A memecoin is a cryptocurrency often associated with a joke or theme rather than a serious product. The most well-known namecoin is Dogecoin, a fork of Bitcoin that incorporated the doge meme into the lore of the cryptocurrency.

Dogecoin, often cited as the first memecoin, launched in 2013. For the first four years of its existence, its market capitalization was below US $100 million, until March 2017 when DOGE first crossed that milestone for the first time, never to look back. As of March 2024, the DOGE market cap is approximately $25.8 billion, signaling is acceptance in the digital asset space.

Memecoins became a more commonly known sub-genre of the cryptocurrency markets in 2020 and 2021, when public figures like Elon Musk began talking about DOGE on popular media such as Saturday Night Live. That same year, another dog coin contender arose, Shiba Inu, which has also shown to maintain some staying power in the years since.

The first memecoin landed on Neo N3 in March 2022 with TIPS (then called NUDES). The initial batch of TIPS tokens were airdropped to Save The Flamingo and Neoverse N-, E-, and O-series NFT holders. Today, TIPS is the currency for the platform Meme2Earn, which rewards users for uploading unique memes theyve created.

In Q1 2024, various memecoins have driven significant traffic and volume on the Solana blockchain and Ethereum Layer 2s, such as Base. Though memecoins are a highly speculative digital asset, they appear to have brought activity to the blockchains they reside on, including Neo.