Buterin accidentally gives life to a new meme coin.
In a tweet last Friday, Ethereum founder Vitalik Buterin sharing what can only be described as a random thought, joked that a project called “THE Protocol” should be created. According to Buterin, it would be easy to shill by referencing any mention of THE by influential community members.
Someone should make a project called "THE Protocol", so that their shills can say "Look, soandso mentioned THE!" pretty much any time anyone says anything.
— vitalik.eth (@VitalikButerin) October 14, 2022
Well, like clockwork, moments later, THE Protocol (THE), an ER20 protocol, came to life. And unsurprisingly, the Twitter admins of the new meme coin have taken a cue from THE Ethereum founder by shilling the token whenever someone influential uses the word ‘THE’.
— vitalik.eth (@VitalikButerin) October 17, 2022
As reported by Nansen, THE has taken a leaf out of the Shiba Inu playbook, opting to give 10% of its supply to Vitalik Buterin, making him the largest token holder with 100 million THE. Notably, the new meme coin has managed to attract the attention of some popular Ethereum investors and surged 1000% in 24 hours on Tuesday.
$THE people listened to Vitalik
Is this new meme coin one to take notice of?
Here are some numbers you need to know 🧵 ⤵️ pic.twitter.com/4gLqOXo8mz
— Nansen 🧭 (@nansen_ai) October 18, 2022
Remarkably, THE is already listed on Hotbit and MEXC Global in less than six days. Moreover, it has already attracted a market cap of over $6 million.
It is a testament to how far the crypto community will go in search of excitement, especially as markets have been consolidating for months. Notably, few things are more exciting than meme coins in the crypto space, which can be very volatile and print huge gains based on little to no utility other than the fact that people are talking about it.
CoinGecko data shows that THE is already up 97.7% today, trading at the $0.03352854 price point.
It is worth noting that investors have to exercise a great deal of caution with projects like these as they carry substantial risk, with only early investors most likely to benefit.