SushiSwap, a decentralized exchange (DEX) operating across multiple blockchains, has announced a meme coin launchpad – Dojo. The DEX partnered with another platform, Goat Trading, to implement this initiative.
Dojo emerges amid growing concerns about market oversaturation, which some experts argue could dilute the value of the meme coin ecosystem.
How SushiSwap’s Dojo Tries to Stand Out From Its Competitors
The newly unveiled Dojo promises to address frequent issues faced by users of other launchpads like Pump.fun and Tron’s SunPump. SushiSwap’s platform ensures that coins created through Dojo remain within the confines of Sushi V3, aiming to prevent the typical price collapses post-launch seen on alternative platforms.
“Using narrow-range liquidity on Sushi V3, we’re able to allow users to sell tokens without any slippage. Instead of dumping on the market, users can provide liquidity that is sold as price rises so it causes no dumps. Whales, snipers, and teams can sell without large dumps,” SushiSwap explained on X (Twitter).
Moreover, Dojo sets a higher initial market cap for new tokens at $15,000, compared to the usual $5,000. This adjustment makes it more expensive for snipers, deterring predatory trading behaviors.
This system operates on the Base chain, providing additional safeguards against bot-driven manipulations prevalent on other networks. Consequently, this development had a positive impact on the price of Sushi. In the past 24 hours, it has surged by 7.34%, currently trading at $0.5732.
Read more: SushiSwap (SUSHI) Price Prediction 2024/2025/2030
Recent data from Dune Analytics revealed that similar platforms on the Ethereum chain, like Ethervista, are witnessing substantial activity, with around 150 ETH consumed in gas fees in the past 24 hours alone. Meanwhile, Pump.fun recently celebrated over $100 million in total revenue and more than 2 million meme coins launched since January.
The explosive growth of such platforms has elicited mixed reactions within the crypto community. Many observers note that the proliferation of tokens has led to numerous scams, causing financial losses for many investors. Industry veteran Ran Neuner commented on the issue, stating that the narrative around meme coins has suffered due to market saturation.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Additionally, a recent analysis revealed that out of roughly 2 million meme coins launched on Pump.fun, only 15 maintained a market capitalization above $10 million for several weeks, representing just a 0.0001% success rate. Only 41 meme coins sustained a market value of over $1 million for an extended period, and just 141 have appeared on major data aggregation platforms like CoinGecko.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source: https://beincrypto.com/sushiswap-meme-coin-launchpad-market-woes/