It’s been a tough past few days for the crypto market, especially for Ethereum-based coins. From their recent highs, most decentralized finance coins based on Ethereum have crashed by 30-50%, plunging as capital has rushed to the sidelines.
The best example of the correction is Yearn.finance (YFI), a cryptocurrency that is core to the DeFi ecosystem. Since peaking at $44,000 just weeks ago, the coin has corrected by nearly 50% to $24,000 as of this article’s writing.
Not all coins are suffering from recent price weakness, though.
In fact, there’s an altcoin literally called MEME that is up around 1,500% in the past week, “defing’ the odds.
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Ethereum-Based Coin Surges 1,500% in a Week Despite Crypto Correction
The Ethereum-based MEME cryptocurrency has gained around 1,500% in the past week, rallying from approximately $120 to $1,900 as of this article’s writing. That is a gain of 1,483% in the span of seven days, making it likely one of the best-performing crypto-assets in the multi-million-dollar market cap range.
MEME is the native asset of MEME, a platform where users can transact and buy so-called “non-fungible tokens” (NFTs). NFTs have many use cases but in the case of MEME, users can buy and transact rare trading cards that contain unique art, often of popular DeFi trends.
MEME is required to create Pineapples, which in turn can be spent to