SNEAK PEEK
De Labs launches $DeGods token to unify its NFT assets, sparking major market interest.
$DeGods token, built on Solana, briefly hits $330M market cap, faces controversy and volatility.
Conversion of NFTs to $DeGods raises concerns, with reports of scams and trader losses emerging.
De Labs, the creator of the popular DeGods and y00ts non-fungible token (NFT) collections, has launched a new cryptocurrency token named $DeGods. This launch marks a significant step in the company’s strategy to streamline its digital assets into a unified and purposeful crypto coin.
The new token is built on the Solana blockchain and is expected to play a central role in the De Labs ecosystem, which has grown rapidly since its inception in 2021.
On September 15, Frank DeGods, co-founder of De Labs, confirmed the launch of the $DeGods token in a blog post. The new token is part of a broader strategy to integrate all digital items within the De Labs ecosystem into a single crypto asset.
Whenever there is a new launch with liquidity, it gets sniped. I always hate when this happens because it makes the chart look bad.
In the $DEGOD situation, ~1% of the supply was paired at 66M. It got sniped & the sniper is out.
The $DEGOD wick is $330M. Time to fill it. pic.twitter.com/wexKkzYW7v
— Frank (degod mode) (@frankdegods) September 15, 2024
This move is intended to simplify the management of the various digital assets associated with De Labs’ NFT collections, particularly DeGods and y00ts. The $DeGods token has a fixed supply of 10 billion coins and is available for conversion to current holders of $Dust, DeGods, and y00ts NFTs.
De Labs, known initially as Dust Labs, was founded in 2021 to build software that enhances the value of NFT communities. The company is responsible for the DeGods NFT collection, which includes 10,000 NFTs spread across the Solana, Ethereum, and Polygon blockchains.
The company also launched y00ts, a collection of 15,000 Polygon-based NFTs. Over the years, De Labs has built a global community of creators, developers, and entrepreneurs, positioning itself as a leading player in the NFT market.
When released into the market the new $DeGods received a fast reaction. The team behind the DeGods project sold 3% of tokens out of the total supply at a low price through a bonding curve for seeding liquidity and it was sold out in a matter of minutes. The token was launched across several crypto exchange platforms and the market capitalization reached $330 million and a stabilized at $70 million. However, the rapid fluctuations in value left some traders with significant losses. Despite this, the token’s introduction has sparked considerable interest, though not without controversy. Some traders have expressed dissatisfaction with converting NFT collections into a memecoin, and there have been reports of scams involving fake $DeGods tokens.
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