WeChat Froggie Mascot Leads to a Meme Coin Boom
The post WeChat Froggie Mascot Leads to a Meme Coin Boom appeared on BitcoinEthereumNews.com. WeChat has had “Crazy Frog” as an unofficial mascot since 2016, but the company officially declared “Froggie” to be its English-language name. This followed a campaign of community support, including a Froggie meme coin. The token subsequently spiked 23% to reach a $19 million market cap, but this has since diminished. WeChat doesn’t have any official interest in the meme coin sector, and future engagement with the asset seems unlikely. WeChat Names Froggie Mascot In today’s market, meme coins can have a wide variety of backgrounds and origin stories, some of which are patently silly. For example, Changpeng “CZ” Zhao’s dog has a host of related meme coins, and one of yesterday’s top performers is literally USELESS. Naturally, WeChat’s recent decision on its “Froggie” mascot has spawned its own token: The popular chat app has used a frog as an unofficial mascot since 2016, but the poll to give it a proper name only happened last month. Froggie became a community favorite, launching a related meme coin, and WeChat acquiesced to the demand. Since this happened, Froggie quickly rose 26%, reaching a $19 million market cap: Froggie Price Performance. Source: Dexscreener Still, it’s not certain if this will prove to be an enduring performer in the meme coin sector. WeChat has over 1 billion active monthly users, but this makes Froggie’s presence seem especially small. After a quick spike and trader profit-taking, the token diminished severely, currently having a market cap of $17 million. Additionally, Froggie the token has no direct relationship with WeChat, and that doesn’t seem likely to change. Although the platform has supported the digital yuan for several years, WeChat has repeatedly banned all other crypto and NFT activity. Although China has a growing blockchain sector, its government maintains a firm hostility to purely speculative crypto products.…
The post WeChat Froggie Mascot Leads to a Meme Coin Boom appeared on BitcoinEthereumNews.com.
WeChat has had “Crazy Frog” as an unofficial mascot since 2016, but the company officially declared “Froggie” to be its English-language name. This followed a campaign of community support, including a Froggie meme coin. The token subsequently spiked 23% to reach a $19 million market cap, but this has since diminished. WeChat doesn’t have any official interest in the meme coin sector, and future engagement with the asset seems unlikely. WeChat Names Froggie Mascot In today’s market, meme coins can have a wide variety of backgrounds and origin stories, some of which are patently silly. For example, Changpeng “CZ” Zhao’s dog has a host of related meme coins, and one of yesterday’s top performers is literally USELESS. Naturally, WeChat’s recent decision on its “Froggie” mascot has spawned its own token: The popular chat app has used a frog as an unofficial mascot since 2016, but the poll to give it a proper name only happened last month. Froggie became a community favorite, launching a related meme coin, and WeChat acquiesced to the demand. Since this happened, Froggie quickly rose 26%, reaching a $19 million market cap: Froggie Price Performance. Source: Dexscreener Still, it’s not certain if this will prove to be an enduring performer in the meme coin sector. WeChat has over 1 billion active monthly users, but this makes Froggie’s presence seem especially small. After a quick spike and trader profit-taking, the token diminished severely, currently having a market cap of $17 million. Additionally, Froggie the token has no direct relationship with WeChat, and that doesn’t seem likely to change. Although the platform has supported the digital yuan for several years, WeChat has repeatedly banned all other crypto and NFT activity. Although China has a growing blockchain sector, its government maintains a firm hostility to purely speculative crypto products.…
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