SushiSwap Announces New Platform to Launch Meme Coins
SushiSwap, a decentralized exchange (DEX) that operates across multiple blockchains, has announced a new platform to launch meme coins called “Dojo.” The platform has partnered with another platform, Goat Trading, to implement this initiative.
Dojo comes amid growing concerns about market saturation, which some experts say could lead to a decline in the value of the meme coin ecosystem.
How does SushiSwap's Dojo platform try to stand out from its competitors?
The newly unveiled Dojo platform promises to address recurring issues faced by users of other launchers like Pump.fun and SunPump from the Tron network. SushiSwap also ensures that coins created through Dojo remain within the Sushi V3 boundaries. This aims to prevent the typical price crashes that occur after launch on alternative platforms.
SushiSwap said on Twitter:
“By using the narrow range liquidity on Sushi V3, we are able to allow users to sell tokens without any price slippage. Instead of dumping the market, users can provide liquidity that is sold as the price rises so that it does not cause dumping. Whales, snipers, and teams can sell without significant dumping.”
Additionally, Dojo is capping the initial market value of new tokens at $15,000, up from the usual $5,000. This adjustment makes it more expensive for snipers, discouraging malicious trading behavior.
This system operates on the Base network, providing additional guarantees against bot manipulations that are prevalent on other networks. As a result, this development has had a positive impact on the price of Sushi. In the last 24 hours, it has increased by 7.34%, and is currently trading at $0.5732.
Recent data from Dune Analytics has revealed that similar platforms on the Ethereum network, such as Ethervista, are seeing significant activity, with around 150 ETH consumed in gas fees in the past 24 hours alone. Meanwhile, Pump.fun recently celebrated over $100 million in total revenue and over 2 million meme coins launched since January.
The explosive growth of such platforms has sparked mixed reactions within the cryptocurrency community. Many observers note that the proliferation of tokens has led to numerous scams. This has resulted in financial losses for many investors. Industry veteran Ran Neuner commented on the issue. He pointed out that sentiment around meme coins has suffered due to market saturation.
Additionally, a recent analysis revealed that out of the nearly 2 million meme coins launched on Pump.fun, only 15 have maintained a market cap of over $10 million for several weeks. That represents a success rate of just 0.0001%. Only 41 meme coins have maintained a market cap of over $1 million for an extended period of time, and only 141 of them have appeared on major data aggregators like CoinGecko.
