$DeGods token launched, raised $330M, now stabilizes at $70M, triggering mixed community reactions.
NFT to $DeGods conversion rates set; significant demand but some traders express dissatisfaction.
Scammers exploit launch, fake $DeGods coin steals $150K from unsuspecting investors.
De Labs, the digital asset incubation studio behind the prominent DeGods and y00ts non-fungible token collections, has introduced a new cryptocurrency token called $DeGods. This new memecoin, which aims to consolidate various digital assets within the Dust Labs NFT ecosystem, is built on the Solana blockchain and features a limited supply of 10 billion tokens.
On September 15, Frank DeGods, the co-founder of DeGods, y00ts, and Dust Labs, announced the launch of the $DeGods token. The token was created to merge all digital items within the ecosystem into a single, functional currency.
https://twitter.com/frankdegods/status/1835452073783226786
During the launch, 3% of the $DeGods supply was sold on a discounted bonding curve to seed liquidity. This allocation sold out within minutes, reflecting significant demand. Following the sale, the liquidity pool (LP) for $DeGods was seeded on Raydium, making the token available for trading.
The $DeGods token has been distributed organically over the past three years without public awareness. As of now, there are 41,241 unique holders across four different blockchain networks, with the top 10 holders controlling only 9.3% of the total supply.
NFT holders within the De Labs ecosystem can convert their assets into $DeGods tokens at predetermined rates: 1 DeGod equals 550,000 $DeGods, 1 y00t equals 120,000 $DeGods, and 1 $Dust equals 36 $DeGods.
After its launch, $DeGods quickly surged to a market cap of $330 million before selling off and stabilizing around $70 million. This rapid fluctuation resulted in significant financial losses for some traders, including one anonymous investor who reportedly lost nearly $300,000. The project has also faced criticism from parts of the community.
Some traders have expressed discontent with the decision to convert NFT collections into memecoins, arguing that it undermines the original value of the NFTs. Additionally, the launch attracted scammers, with one fake $DeGods coin rug-pulling unsuspecting investors for over $150,000 within minutes.
